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: Magnatizer who wrote (22116)	10/16/1998 10:16:00 PM
From: Magnatizer	Read Replies (2) of 79230

Index Magnets for week of 10.19.98 Mon Tues Wed Thur Friday DOW 30 Close 8417 day prior Monday Friday (if sloped) 7425 -992 7425 7425 7425 7425 7458 -959 7458 7458 7458 7458 7583 7510 -834 7565 7547 7528 7510 7591 -826 7591 7591 7591 7591 7610 7621 -807 7613 7616 7618 7621 7765 7670 -652 7741 7718 7694 7670 7724 -693 7724 7724 7724 7724 7765 7670 7765 7741 7718 7694 7670 7933 -484 7933 7933 7933 7933 8040 8059 -377 8045 8050 8054 8059 8143 -274 8143 8143 8143 8143 8352 -65 8352 8352 8352 8352 8561 144 8561 8561 8561 8561 8770 353 8770 8770 8770 8770 8814 8835 397 8819 8825 8830 8835 8842 8862 425 8847 8852 8857 8862 8961 8980 544 8966 8971 8975 8980 Nasdaq Close 1621 day prior Monday Friday 1397 1399 -224 1398 1398 1399 1399 1446 1443 -175 1445 1445 1444 1443 1478 -143 1478 1478 1478 1478 1528 -93 1528 1528 1528 1528 1550 -71 1550 1550 1550 1550 1605 1593 -16 1602 1599 1596 1593 1622 1 1622 1622 1622 1622 1633 1625 12 1631 1629 1627 1625 1690 1665 69 1684 1678 1671 1665 1694 73 1694 1694 1694 1694 1766 145 1766 1766 1766 1766 1783 162 1783 1783 1766 1783 1846 225 1846 1846 1846 1846 SP500 Close 1056 day prior Monday Friday 981 -75 981 981 981 981 984 971 -72 981 978 974 971 996 989 -60 994 993 991 989 1006 -51 1006 1006 1006 1006 1015 1018 -41 1016 1017 1017 1018 1030 -26 1030 1030 1030 1030 1037 1039 -19 1038 1038 1039 1039 1042 -15 1042 1042 1042 1042 1054 -2 1054 1054 1054 1054 1054 1057 -2 1055 1056 1056 1057 1079 23 1079 1079 1079 1079 1103 47 1103 1103 1103 1103 1128 72 1128 1128 1128 1128 1141 85 1141 1141 1141 1141 1155 99 1155 1155 1155 1155 Dow notes: Weekly buy signal triggered on Fridays action. This was the first weekly buy I have received on the dow since the sell signal from week of 7.24.98. Dow is very much in a power move and is oversought (or bought for those non 56ers out there). I see strength lasting through Tuesday am and will need to reassess the situation then. There is a wall of uptrends from 8814 up which will be tough cookies to get through. Nasdaq: weak magnet signal on Friday. Weekly sell signal still on. Watching for the 1633 downtrend to be overtaken. It would give Nas room to move up Monday and Tuesday. It will need to be reassessed also Tuesday close. Watching 1605 downtrend to be support SP5: Weekly signal still on sell. Turning up and a few days of flat to up ought to give a buy signal. In oversought range also. Made convicing moves through uptrends this week. I would really be impressed (not suprised) if it pulled away strongly from them. Signaled a weak magnet on Thursday. It needs to stay above newest trendline at 1054 (uptrend). 1127 magnet has proven to be stiff resistance. The tide is turning. The volatility is far from gone from the market but the TA pointing to a real hard crash is being reshuffled and moved more to a buy the dip TA once again. ht david

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