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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (983)9/15/1998 1:57:00 PM
From: Les H  Read Replies (2) of 15132
 
WHAT TO EXPECT NOW:

On Friday the ARMS Index closed at .48. Closing ARMS Index readings of .50 or less predict a short term top the next business day or at the latest, two business days later. The "5 day ARMS" indicator closed today at 4.08. Readings near "4.00" appear near short term tops. Friday the tick index readings reached +832 at the 1021 level on the December S&P's. Today the tick readings reached +943 at the 1046 level. Up-tick readings exceeding +600 appear near short term tops. Today in candlestick charting on the December S&P's no bearish pattern was drawn. If a bearish candle was drawn today a short term sell signal would have been triggered. If the market gaps down tomorrow it would drawn bearish "Dumpling Top" candlestick pattern which could set up a sell signal. Our Fibonacci work shows a resistance area at the 1047 to 1054. The 1047 area is a 38.2% retracement for the form the July 20 top. The 1054 area is a 61.8% retracement from the August 25 top. For longer term the weekly candlestick charts on the December S&P's for last week drew a bullish "Mid Point Harami Line". A bullish "Mid Point Harami Line" on the weekly charts are found at intermediate term bottoms. Also from the August 25 high to the September 1 low a 61.8% retracement equals about 1054 on the December S&P's. Today's high was 1052.00. If the market can retrace 61.8% of a previous decline than the previous low should hold the next time down. Therefore it appears the market is in the process of building an intermediate term bottom.

from marketweb.com

I don't know about you all. I'm dying for some 'dumpling tops'.
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