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Strategies & Market Trends : Tech Stock Options
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To: donald sew who wrote (51591)9/5/1998 10:22:00 PM
From: HairBall  Read Replies (1) of 58727
 
Donald: I have notice that for the DOW it is forming a PENNANT with last MON/TUE as the beginning. If the DOW stays be low 7760 on TUE, the pennant will maintain its integrity. This is a BEARISH PENNANT, indicating further down. So if the DOW does break 7760 to the upside, it would negate this BEAR PENNANT.

Don I can make out your pennant looking at the daily charts using theoretical end of day numbers. My software makes it very difficult to project the trend line to the next day accurately. I come closer to 7740, but I will agree with your 7760 number. I am sure you calculation is more accurate.

However, look at the intra day actual 60-minute chart. Note the highs downward trend line. Friday's close came right up to that trend line. (7640) I think this is the resistance point to watch on Tuesday. A break (more than just a violation) of this trend line would be significant! In other words the market needs to go down at the open to keep the trend line valid. A break to the upside, may portend a pivot point.

Note: There are similar trend lines with the same rise to that line at the close on Friday for the following indexes. (Use the same intra day actual 60-minute chart.)

S&P 500, NYSE Composite, NASDAQ Composite, OEX

Would appreciate your comments!

Regards,
LG
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