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 (24559)	2/7/1999 8:07:00 PM
From: Magnatizer	Read Replies (2) of 79214

Market magnets 2.8.98 Dow 30: Indicators are mixed. Weekly still on buy so I am holding my longs but its not easy. The set of three trendlines from 9213 to 9373 are proving to be quite magnetic which makes sense as, when they are plotted on a chart they all qualify as a lin regression line for the Dow since 95. The most significant of the three has anchors of 12.15.94 to 9.11.95 connect lows. I am watching it closely for signs of a serious market downturn. Warning shots are being fired but nothing concrete to give me a bail signal yet. Nasdaq: Indicators mixed here also. Last week was ugly but it did set a higher high, higher low formation which is a positive. Main concern is the limited test of 2055 strong mag. This is my major concern for the tech sector. Large cap techs are set up to take a beating soon. Itchy trigger on my CPQ holdings, would have exited last week but, well... mas cerveza. 2227 uptrend must hold. SP500: Once again mixed indicators. Weekly buy still on. The "85" line has major pull. For those who missed the last few updates on this line it is a connection of the lows from 10.2.85 to 2.5.86. Its significance was defined from 86-87 as the SP500 tried valantly to hold the break out above it and could not get it done. Its final attempt to break through this trendline was in August of 87. The SP500 did not challenge this line again until July of 98 and again in December of 98 until now. It appears to be using it as support but needs to be tracked closely. A day where the SP500 high is < this lines value will give me major cause for concern. 2 days and I will exit 50% longs if the the market is kind enough to hang on. Again, there are warning shots being fired and caution is advised. Its value monday is 1238 Mond Tues Wed Thurs Fri DOW 30 Close 9304 day prior Monday Friday (if sloped) 8561 -743 8561 8561 8561 8561 8980 -324 8980 8980 8980 8980 9213 9236 -91 9219 9225 9230 9236 9243 9264 -61 9248 9254 9259 9264 9373 9395 69 9379 9384 9390 9395 9398 94 9398 9398 9398 9398 9637 9712 333 9656 9675 9693 9712 9714 9747 410 9722 9731 9739 9747 9651 347 9651 9651 9651 9651 9905 601 9905 9905 9905 9905 10158 854 10158 10158 10158 10158 Nasdaq Close 2374 day prior Monday Friday 1846 -528 1846 1846 1846 1846 1910 -464 1910 1910 1910 1910 1973 -401 1973 1973 1973 1973 2055 -319 2055 2055 2055 2055 2131 2140 -243 2133 2136 2138 2140 2227 2234 -147 2229 2231 2232 2234 2316 -58 2316 2316 2316 2316 2476 2484 102 2478 2480 2482 2484 2497 123 2497 2497 2497 2497 2612 2664 238 2625 2638 2651 2664 2655 281 2655 2655 2655 2655 2970 596 2970 2970 2970 2970 SP500 Close 1239 day prior Monday Friday 1116 -123 1116 1116 1116 1116 1162 -77 1162 1162 1162 1162 1177 1178 -62 1177 1178 1178 1178 1223 -16 1223 1223 1223 1223 1238 1239 -1 1238 1239 1239 1239 1260 1269 21 1262 1265 1267 1269 1257 1259 18 1258 1258 1259 1259 1300 61 1300 1300 1300 1300 1321 1322 82 1321 1322 1322 1322 1403 1405 164 1404 1404 1405 1405 1447 208 1447 1447 1447 1447 ht david

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