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 (23987)	12/7/1998 9:23:00 PM
From: Magnatizer	Read Replies (1) of 79230

Market Magnets 12.8.98 notes Dow: as expected the set of three trendlines from 8993 to 9141 held the dow in place today. I expect a test of the 9141 trendline tomorrow. Possible test of 9423 trendline by the end of the week. The 9423 is a traditional trendline, not magnetic. Nasdaq: well, 2055 certainly made itself back into the picture. This is very encouraging. Though I feel it is somewhat unlikely the nasdaq will go much farther up past 2055 it is a significant occurance to touch it. This will "activate" the magnet area and help the Nasdaq to return after a brief pullback which looks to start Thurs/Friday. SP500: Shot at 1216 uptrend. The most important overhead trendline is 1225 uptrend. This trendline started in 1985 and was the used as the uptrend during the runup prior to 87 correction. It was the first warning sign that, once broken, the market had lost some serious support. Its next role came in July of this year when it nailed the top of the run. Its value on 7.20.98 was 1193.9. It was not touched that day and the market immediately pulled back from it. If it is touched and tested this run it will be weakened as resistance. Though I do not think it will be overcome this year it would be very encouraging to have a test of the area which lasted for a few days to a week. BTW the 1225 uptrend was marked as 1222 in yesterdays market magnet report. That was an error. Mond Tues Wed Thurs Fri DOW 30 Close 9016 9071 day prior Monday Friday (if sloped) 7933 -1083 -1138 7933 7933 7933 8143 -874 -929 8143 8143 8143 8190 8208 -826 -877 8199 8204 8208 8352 -664 -719 8352 8352 8352 8561 -455 -510 8561 8561 8561 8770 -246 -301 8770 8770 8770 8980 -36 -91 8980 8980 8980 8993 9016 -23 -72 9005 9010 9016 9021 9041 5 -45 9031 9036 9041 9141 9168 125 77 9155 9161 9168 9423 9460 407 361 9442 9451 9460 9398 382 327 9398 9398 9398 9651 635 580 9651 9651 9651 9905 889 834 9905 9905 9905 Nasdaq Close 2003 2041 day prior Monday Friday 1413 1415 -590 -628 1414 1415 1415 1419 1415 -584 -623 1417 1416 1415 1478 -525 -563 1478 1478 1478 1528 -475 -513 1528 1528 1528 1550 -453 -491 1550 1550 1550 1504 1484 -499 -542 1494 1489 1484 1505 1493 -498 -539 1499 1496 1493 1572 1565 -431 -471 1569 1567 1565 1622 -381 -419 1622 1622 1622 1694 -309 -347 1694 1694 1694 1766 -237 -275 1766 1766 1766 1783 -221 -259 1783 1783 1783 1846 -157 -195 1846 1846 1846 1910 -93 -131 1910 1910 1910 1973 -30 -68 1973 1973 1973 2046 2053 43 7 2050 2051 2053 2055 52 14 2055 2055 2055 2167 2173 164 128 2170 2172 2173 SP500 Close 1177 1188 day prior Monday Friday 978 -199 -210 978 978 978 1024 -153 -164 1024 1024 1024 1017 1018 -160 -171 1018 1018 1018 1028 1031 -149 -159 1030 1030 1031 1033 1034 -144 -155 1034 1034 1034 1037 1039 -140 -151 1038 1039 1039 1042 -135 -146 1042 1042 1042 1076 1079 -101 -111 1078 1078 1079 1070 -107 -118 1070 1070 1070 1116 -61 -72 1116 1116 1116 1165 1166 -12 -23 1166 1166 1166 1162 -15 -26 1162 1162 1162 1216 1218 39 29 1217 1218 1218 1221 1226 44 34 1224 1225 1226 1225 1226 48 37 1226 1226 1226 1223 46 35 1223 1223 1223 1245 1246 68 57 1246 1246 1246 ht david

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