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Strategies & Market Trends : CHARTS AND TA, A UNIQUE APPROACH
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To: flickerful who wrote (1367)8/26/1998 9:37:00 PM
From: stan s.   of 1391
 
Hi flickerful,

Since the major averges are loosely connected I'm going to show a NASDAQ
chart first. DAILY CHART.

It's actually a little further along than the OEX and the DJ30. By that I mean
it's doing crummier....evolved more towards support. It is already
oversold on a number of indicators.

The problem with the NAZ is that it has yet to show the needed strength to
begin to pull out of oversold on the WEEKLY chart....the other exchanges
have shown that strength....they can only go so far....the question becomes
(overly simplified of course) will the NAZ follow them up or lead them down.
More on that on the next set of charts. That question has nothing to do
with the merits of the exchanges...but rather which will be a leading and
which will be a lagging indicator.

You can see how close it is to trendline support, straight line support and
it's 200 day moving average. The area of support (closing basis) is 1725 to
1750.
geocities.com

A very important area....notice it's only transgressed the 200 day MA once
in the last year and a half....January of '98. But also notice the extremely robust
recovery from that point.

Okay more charts later and my opinion....I need a drink. Uh, obviously I
mean a smoothie or somethin'...right?

Later

Stan

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