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: Doug R who wrote (28048)	4/5/1999 1:45:00 AM
From: Doug R	Read Replies (1) of 79230

So far I don't like the technical setup on the Dow. I realize futures look strong right now but the TA doesn't support that and a down day Monday won't be good. It's going to take a very strong 5 to 8 trading days to turn it. Longer term stochs should hold things up for two or three weeks. If there's long term deterioration during that time instead, there'll likely be a correction starting before the end of April. A large one day drop followed by a shallow recovery (we may be in the shallow recovery stage now) will make me extremely cautious. The 2, 1, 2 stochastics NEED to start piercing the value of 80 again. We have 17 trading days of weakness there. The last 2 corrections started after 31 trading days of the type of 2, 1, 2 weakness the Dow is getting now. Best case correction would get toward 8600 by the end of April/beginning of May. Worst case I don't want to estimate yet. I'll run the S&P next, Doug R

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