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 (22972)	11/14/1998 1:27:00 PM
From: Magnatizer	Read Replies (1) of 79260

Market magnets for week of 11.16.98 notes: Obviously all the TA done will be influenced by Alan and Co decision come Tuesday. Keep this in mind. Dow. Technicals turning back up after Fridays action. Doing a good job of holding 8770. In fact, it closed above its bottom of the set of three uptrends which are the most significant portion of the Dow chart right now. Reason being, once they are taken out the Dow will be free to accelerate to the upside and take out old highs. Right now it does not look like those highs will be taken out in the near future and I look for 9067 uptrend to be quite stiff. Trendline crossover on Wed. It is amazing how the trendline crossover happens so close to relevant news dates, market dynamics are, as Doug would say, phenomenal. Nasdaq: Indicators are all pointing down. No upturn as seen in the Dow. Still well above critical support going into tuesday so I think it will react nicely to a rate cut. 1766 is the critical support I am watching SP 500: As noted last week 1116 is critical support. Held nicely on Friday. Its technicals are a right in the middle of the Dow and the Nasdaq. Looks like it will follow the dow up or Nasdaq down whichever decides to take the lead. Trendline crossover Tuesday I expect overall light volume Monday as traders and investors await the decision of the Fed. I know, no sh#* Sherlock. LOL Mond Tues Wed Thurs Fri DOW 30 Close 8920 day prior Monday Friday (if sloped) 7933 -987 7933 7933 7933 7933 8128 8143 -792 8132 8136 8139 8143 8143 -778 8143 8143 8143 8143 8352 -568 8352 8352 8352 8352 8561 -359 8561 8561 8561 8561 8770 -150 8770 8770 8770 8770 8922 8942 2 8927 8932 8937 8942 8948 8970 28 8954 8959 8965 8970 8980 60 8980 8980 8980 8980 9067 9090 147 9073 9079 9084 9090 9300 9338 380 9310 9319 9329 9338 9398 478 9398 9398 9398 9398 Nasdaq Close 1848 day prior Monday Friday 1407 1409 -441 1408 1408 1409 1409 1430 1427 -418 1429 1429 1428 1427 1478 -370 1478 1478 1478 1478 1528 -320 1528 1528 1528 1528 1550 -298 1550 1550 1550 1550 1543 1536 -305 1541 1540 1538 1536 1582 1558 -266 1576 1570 1564 1558 1597 1589 -251 1595 1593 1591 1589 1622 -226 1622 1622 1622 1622 1694 -154 1694 1694 1694 1694 1766 -82 1766 1766 1766 1766 1783 -66 1783 1783 1783 1783 1846 -2 1846 1846 1846 1846 1910 62 1910 1910 1910 1910 1973 125 1973 1973 1973 1973 2016 2025 168 2018 2021 2023 2025 2055 207 2055 2055 2055 2055 SP500 Close 1126 day prior Monday Friday 978 -148 978 978 978 978 1009 1010 -117 1009 1010 1010 1010 1020 1022 -106 1021 1021 1022 1022 1024 -102 1024 1024 1024 1024 1028 1031 -98 1029 1030 1030 1031 1033 1033 -93 1033 1033 1033 1033 1042 -84 1042 1042 1042 1042 1067 1070 -59 1068 1069 1069 1070 1070 -56 1070 1070 1070 1070 1116 -10 1116 1116 1116 1116 1159 1159 33 1159 1159 1159 1159 1162 36 1162 1162 1162 1162 1209 1213 83 1210 1211 1212 1213 ht david

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