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: MechanicalMethod who wrote (22320)	10/25/1998 12:27:00 AM
From: Magnatizer	Read Replies (1) of 79193

Market Magnets for week of 10.26.98 Monday Tues Wedn Thur Fri DOW 30 Close 8452 day prior Monday Friday (if sloped) 7641 7538 -811 7615 7590 7564 7538 7623 7634 -829 7626 7629 7631 7634 7724 -728 7724 7724 7724 7724 7933 -519 7933 7933 7933 7933 8062 8081 -390 8067 8072 8076 8081 8143 -310 8143 8143 8143 8143 8352 -100 8352 8352 8352 8352 8561 109 8561 8561 8561 8561 8770 318 8770 8770 8770 8770 8840 8863 388 8846 8852 8857 8863 8867 8888 415 8872 8878 8883 8888 8980 528 8980 8980 8980 8980 8987 9010 535 8993 8999 9004 9010 Nasdaq Close 1694 day prior Monday Friday 1400 1402 -294 1401 1401 1402 1402 1443 1440 -251 1442 1442 1441 1440 1478 -216 1478 1478 1478 1478 1528 -166 1528 1528 1528 1528 1550 -144 1550 1550 1550 1550 1599 1578 -95 1594 1589 1583 1578 1624 1616 -70 1622 1620 1618 1616 1622 -72 1622 1622 1622 1622 1660 1639 -34 1655 1650 1644 1639 1694 0 1694 1694 1694 1694 1766 72 1766 1766 1766 1766 1783 89 1783 1783 1783 1783 1846 152 1846 1846 1846 1846 1910 216 1910 1910 1910 1910 SP500 Close 1071 day prior Monday Friday 944 945 -127 944 945 945 945 957 -114 957 957 957 957 968 955 -103 965 962 958 955 981 -90 981 981 981 981 1018 1021 -53 1019 1020 1020 1021 1029 1030 -42 1029 1030 1030 1030 1030 -41 1030 1030 1030 1030 1039 1042 -32 1040 1041 1041 1042 1042 -29 1042 1042 1042 1042 1054 -17 1054 1054 1054 1054 1058 1060 -13 1059 1059 1060 1060 1079 8 1079 1079 1079 1079 1103 32 1103 1103 1103 1103 1128 57 1128 1128 1128 1128 1141 70 1141 1141 1141 1141 1155 84 1155 1155 1155 1155 Notes: Dow: Technicals still pointing up but are weakening. Weekly buy signal was verified last week. The 8561 neutral zone axis looks like it will continue to be the axis of a range we are likely to enter. I am looking for possible strength early this week followed by some profit taking. Do not like initiating long positions in Dow stocks this week. Nasdaq: Of note is a troubling look of lower lows and lower highs. Nasdaq 100 (large caps) is at resistance so they are not likely to provide the needed boost to get past the 1766 magnet which will negate the lower highs problem. Technicals are screaming north which tells me the small and mid caps are looking good on the nasdaq. Weekly sell signal still in tact, close to a buy. An up week will likely give a weekly buy signal. SP500: Broke the lower high. This is good news. Indicators similar to those of the dow 30. Still up but weakening. Similar outlook to dow for the week. Weekly buy signal triggered. Needs one week to verify. Found a few important trendlines. Connect the lows on 12.31.82 to 7.26.83, this is my "run for the hills" trendline (current value 944-945). I will go to 100% cash if this trendline is broken and the retest fails. The other important trendline to follow is a connection of lows on 3.25.80 to 8.27.80 (current value 1029 -1030). This is my cautionary line. Will be shorting if it is broken. I note the particular lines on the SP500 because you can never be too cautious out here. I don't forsee any technical reason for the 100% cash signal, but, one must have a plan in place for both directions of the market. ht david

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