The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Doug R who wrote (20893)	8/29/1998 7:40:00 PM
From: Doug R	Read Replies (5) of 79460

Oh, and I forgot to add the Dow broke below a key support line on Friday. The technical picture indicates that a test and rebound from 7900 better come soon or the TA would deteriorate to where recovery could only take place at lower levels. That would suck since the R2K would break below 340. The Nasdaq still has the Dow equivalent of 500 points to go to find support as does the S&P 500. That kind of drop in the DJIA takes it to around 7550. From this perspective then, if 7890 holds and the market takes off on heavy volume, buy everything in sight (well, almost everything). If 7890 doesn't hold, sell everything in sight. I get support areas on the DJIA of 7610 and 7250. David J has what he named a "neutral zone" at 7591 and 7266. Neutral zones provide strong support and are related to his "magnet" work. On the R2K I have 340 and David J has 342. On the S&P 500 I have 975 and he has 981. On the Naz I have 1535 and he has 1528. Doug R

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