CHARTS AND TA, A UNIQUE APPROACH Message Board

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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 11:46:00 PM
From: stan s.	of 1391

Okay the !OEX.............DAILY CHART............... geocities.com For the time being it's reverted back to flat channel it was in before pre-June, July. 522-545. You can see that most of these short term moves, 15-20 points, were forecast by the indicators signaling buys as the pulled up over their respective trigger lines.....and sell as they passed below. These are momentum indicators. The last grouping of indicators to give a signal were sells 4 or 5 trading periods ago. That's not a big deal.. Very routine stuff. The chart gives no strong indication that it won't hold support around 523 on a closing basis...as it drops. Something to watch carefully though. The fact that it's dipping below it's 200 day MA on occasion is worthy of note but not cause for panic. The MACD still looks pretty good. So far things are going according to plan.....a bump early this week as a continuance of Fridays rally....some weakness right now, it appears that it will continue a little longer. The best scenario would be a little more weakness....drop it into oversold but hold it at support and then start to move up. It would then then play RIGHT into an ever strengthening weekly chart..... indicating another leg up. That chart to come. These charts tend to promote that scenario..........if these indices are not held up too long by the NAZ. By the way there's no reason it can't move up from this point....it's just the chart indicates that a little more weakness seems likely. Okay the weekly chart. Remember this data is compressed. Each Candle is a week of data...except the last week is still forming. The MO indicators periods are weekly rather than daily as well. A 10 day CCI becomes a 10 week etc. geocities.com IF THIS IS A TURNAROUND, it is in it's earliest stages. You can see the buy signals have been generated in the middle box....note the massing of indicators in the top box turning up. Remember some other more conservative indicators have NOT yet turned up on this chart. This is NOT inexorable but for this early stage it looks good. I can't advise on domestic and world turmoil....a lot of that is reflected in the charts already...as well as anticipation....major events will affect it however. If the NAZ can't show some strength...the recovery of the other exchanges will be limited or even dragged down. Stan

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