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 (29225)	5/9/1999 5:38:00 PM
From: Magnatizer	Read Replies (2) of 79230

Market magnets 4.10.99 This week may not see the market magnet updates regularly. Going to be expanding my trading horizons and my training will occupy most of my time. notes Dow: Downgrade to weekly hold rating. Key tline is the 10683 utrend. Once again, IMO its failure is the final straw indicating a short term correction is verified. Nasdaq: Downgrade to weekly hold, near sell. 5.24 is a tline cross date. A series of 4 days with high<2497 would be similar type of short term correction verified signal as the dow loosing 10683 utrend. SP500: Downgrade to weekly hold. Mondays crossover indicates the next 2-3 week (minimum) direction of this market will be determined by Wednesday. 86 line is 1343 utrend and a downtrend from here will most likely test the 85 line (1257 utrend) at a minimum. Nas 100: Downgrade to weekly hold, near sell. Never did make a run at 2230 utrend last week. 1975 strong mag really stands out here as I do not have nearly as many utrend and dtrends to play due to its lack of history. Overall I would say the magnets are telling me to be cautious and the market will tell us what it wants to do real soon. I will not go heavy short until the nas or dow give the signals... Mond Tues Wed Thurs Fri DOW 30 Close 11032 day prior Monday Friday (if sloped) 9651 -1381 9651 9651 9651 9651 9905 -1127 9905 9905 9905 9905 10158 -874 10158 10158 10158 10158 10364 10400 -668 10373 10382 10391 10400 10411 -621 10411 10411 10411 10411 10679 -353 10679 10679 10679 10679 10683 10753 -349 10701 10718 10736 10753 10947 -85 10947 10947 10947 10947 11239 207 11239 11239 11239 11239 Nasdaq Close 2504 day prior Monday Friday 2055 -449 2055 2055 2055 2055 2261 2270 -243 2263 2266 2268 2270 2316 -188 2316 2316 2316 2316 2318 2325 -186 2320 2322 2323 2325 2360 2347 -144 2357 2354 2350 2347 2459 2462 -45 2460 2461 2461 2462 2497 -7 2497 2497 2497 2497 2561 2576 57 2565 2569 2572 2576 2613 2622 109 2615 2618 2620 2622 2655 151 2655 2655 2655 2655 2713 2744 209 2721 2729 2736 2744 2812 308 2812 2812 2812 2812 2970 466 2970 2970 2970 2970 3127 623 3127 3127 3127 3127 3210 706 3210 3210 3210 3210 SP500 Close 1345 day prior Monday Friday 1162 -183 1162 1162 1162 1162 1202 1203 -143 1202 1203 1203 1203 1223 -122 1223 1223 1223 1223 1257 1258 -88 1257 1258 1258 1258 1276 1277 -69 1276 1277 1277 1277 1300 -45 1300 1300 1300 1300 1312 1316 -33 1313 1314 1315 1316 1343 1344 -2 1343 1344 1344 1344 1357 1363 12 1359 1360 1362 1363 1395 1406 50 1398 1401 1403 1406 1430 1432 85 1431 1431 1432 1432 1447 102 1447 1447 1447 1447 1593 248 1593 1593 1593 1593 NDX Close 2118 day prior Monday Friday 1888 -230 1888 1888 1888 1888 1975 -143 1975 1975 1975 1975 2030 -88 2030 2030 2030 2030 2084 -34 2084 2084 2084 2084 2177 59 2177 2177 2177 2177 2230 2252 112 2236 2241 2247 2252 2269 151 2269 2269 2269 2269 2362 244 2362 2362 2362 2362 2454 336 2454 2454 2454 2454 ht david

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