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 (22723)	11/8/1998 9:35:00 PM
From: Doug R	Read Replies (1) of 79313

David, thread, Looking at the S&P 500 I get a 3, 1, 2 stoch pullback signal. Also the 13 dRSI is almost to a line of resistance starting 11/96. What to watch for that would set the technicals for a break out will be an up day on the S&P that closes in the lower half of the trading range. This will reset the stochs while the RSI would move to resistance. A strong day on Tuesday would be needed to get a killer rally going. Otherwise we'll see, at best, a week of basing. A base will still allow individual stocks to rise as accumulation in the stocks that make up the index will occur and another push up would follow. Something like what was seen from 2/13 to 2/20/98. A sharp drop, on the other hand (to 1125 or lower), would be a pretty solid warning that a pullback rather than a base will occur for the week. The whole thing is a rather tricky call. Doug R

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