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 (28405)	4/13/1999 10:38:00 PM
From: Magnatizer	Read Replies (2) of 79201

Market magnets 4.14.99 I noticed LG mention (on the MDA thread) that many do not read the market magnet post because they do not understand magnets. Well folks they are just trendlines. Areas of support and resistance. I try to note which are of most importance and exactly what I would like to see in order to remain in may current stance (currently bullish). I am sorry that I have not put together a recent post explaining the mags and how to use them but I know a search of this and or MDA thread will reveal a few posts giving explanation. Also I would suggest reading through the market magnet posts to possibly getting into the flow. I would love to keep my website up to date but, quite frankly, I am a golfaholic and free time is precious. Notes Dow: Short term set up is still quite strong. Closed above 10352 utrend which is encouraging that it is testing the breakout area. I see it testing the 10379 utrend for the next few days as I see market taking a breather prior to next up leg. Nasdaq: Working toward 2575 crossover area (Thurs). Short term still strong. Key tline is 2570 utrend. This is key for long and short term. A loss of this tline for more than 3 days (intraday high lower than its value) would be a real warning shot. SP500: Short term still strong. Held above key 1335 utrned all day. Looks fine here. Again, the 1335 utrend is similar in importance to the 2570 utrend on the Nasdaq. Nasdaq 100: Short term techs lost strength. Still fine but if this is a short term reset it sure got a fast start. Looking for a test of 2115 utrend which should hold. R2K: Went ob via CCI 13 today. Looks like 2-7 days of basing is coming up which makes sense as it reached the IHS neckline today and is likely to give this tline (IHS neck) a test. Mond Tues Wed Thurs Fri DOW 30 Close 10174 10340 10395 day prior Monday Friday (if sloped) 9439 9459 -735 -896 -946 9454 9459 9470 9493 -704 -864 -914 9487 9493 9605 9629 -569 -729 -778 9623 9629 9651 -523 -689 -744 9651 9651 9905 -269 -435 -490 9905 9905 10158 -16 -182 -237 10158 10158 10193 10226 19 -139 -186 10218 10226 10352 10405 178 25 -17 10392 10405 10411 237 71 16 10411 10411 10679 505 339 284 10679 10679 10947 773 607 552 10947 10947 Nasdaq Close 2593 2599 2584 day prior Monday Friday 2055 -538 -544 -529 2055 2055 2220 2228 -373 -377 -360 2226 2228 2289 2295 -304 -309 -292 2294 2295 2316 -277 -283 -268 2316 2316 2418 2405 -175 -184 -173 2408 2405 2497 -96 -102 -87 2497 2497 2550 2581 -43 -41 -19 2573 2581 2570 2578 -23 -27 -10 2576 2578 2655 62 56 71 2655 2655 2812 219 213 228 2812 2812 2970 377 371 386 2970 2970 3127 534 528 543 3127 3127 3210 617 611 626 3210 3210 SP500 Close 1348 1359 1350 day prior Monday Friday 1162 -186 -197 -188 1162 1162 1195 1196 -153 -164 -155 1196 1196 1223 -125 -136 -127 1223 1223 1251 1252 -97 -108 -99 1252 1252 1270 1271 -78 -89 -80 1271 1271 1294 1298 -54 -64 -54 1297 1298 1300 -48 -59 -50 1300 1300 1325 1331 -23 -33 -22 1330 1331 1335 1337 -13 -24 -14 1337 1337 1340 1352 -8 -16 -4 1349 1352 1418 1420 70 60 69 1420 1420 1447 99 88 97 1447 1447 1593 245 234 243 1593 1593 NDX Close 2233 2219 2175 day prior Monday Friday 1888 -345 -331 -287 1888 1888 1975 -258 -244 -200 1975 1975 2030 -203 -189 -145 2030 2030 2084 -149 -135 -91 2084 2084 2115 2138 -118 -98 -49 2132 2138 2177 -56 -42 2 2177 2177 2269 36 50 94 2269 2269 2362 129 143 187 2362 2362 2454 221 235 279 2454 2454 ht david

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