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 (29580)	5/17/1999 10:19:00 PM
From: Magnatizer	Read Replies (2) of 79260

Market magnets 5.18.99 notes Dow: Nice bounce off 10769 mag utrend. Still looks toppy. 10947 mag will give a foreshadowing of the near term direction if tested in next few days. If it holds as resistance (likely) a move down to the 10408 utrend will be very much in sight. If it does not provide resistance a trip to 11239 mag is what I will look for. The other scenario is the dow does not challenge 10947 in the next 2-3 days. If not I will revert back to the 10769 utrend as my focus for near term market direction. Nasdaq: Nice bounce off 2497 mag today. 2578 is newest mag tline cross tline and 2623 is strong tline. Both of them will be stiff and the nas is not likely to advance far from this position in the near term. SP500: Sniffed and reversed from the 1317 utrend today. It was formed in 97-98 and has shown itself to be the axis of the sp utrend since late 98. It is showing itself as a tline which could be on the level of the 85 and 86 lines in the future. Nas 100: still weekly buy, weak. R2K: Nice bounce off 437 neutral zone today. Lots of solid boucing off key supports today. Last gasp or........ Mond Tues Wed Thurs Fri DOW 30 Close 10913 10854 day prior Monday Friday (if sloped) 9651 -1262 -1203 9651 9651 9651 9747 9768 -1166 -1102 9758 9763 9768 Top of Set of Three 9905 -1008 -949 9905 9905 9905 10158 -755 -696 10158 10158 10158 10411 -502 -443 10411 10411 10411 10408 10449 -505 -436 10429 10439 10449 Not Mag but very key 10679 -234 -175 10679 10679 10679 10769 10834 -144 -69 10802 10818 10834 Newest mag tline 10947 34 93 10947 10947 10947 11239 326 385 11239 11239 11239 Nasdaq Close 2528 2562 day prior Monday Friday 2055 -473 -507 2055 2055 2055 Strong 2271 2279 -257 -289 2275 2277 2279 2316 -212 -246 2316 2316 2316 2324 2330 -204 -237 2327 2329 2330 12.23.94 to 10.20.95 2344 2331 -184 -221 2338 2334 2331 2463 2467 -65 -98 2465 2466 2467 2497 -31 -65 2497 2497 2497 2578 2593 50 20 2586 2589 2593 1.14.99 to 3.16.99 2623 2632 95 63 2628 2630 2632 8.2.96 to 11.8.96 2655 127 93 2655 2655 2655 2745 2780 217 192 2763 2771 2780 2812 284 250 2812 2812 2812 2970 442 408 2970 2970 2970 3127 599 565 3127 3127 3127 3210 682 648 3210 3210 3210 SP500 Close 1338 1340 day prior Monday Friday 1162 -176 -178 1162 1162 1162 1204 1205 -134 -136 1205 1205 1205 1223 -115 -117 1223 1223 1223 1259 1260 -79 -81 1260 1260 1260 85 Line 1278 1279 -60 -62 1279 1279 1279 1300 -38 -40 1300 1300 1300 1317 1321 -21 -22 1319 1320 1321 9.18.97 to 6.24.98 1337 1339 -1 -3 1338 1339 1339 New Mag Tline cross 1344 1345 6 4 1345 1345 1345 86 Line 1366 1372 28 28 1369 1371 1372 1411 1422 73 74 1417 1419 1422 1430 1431 92 90 1431 1431 1431 1447 109 107 1447 1447 1447 1593 255 253 1593 1593 1593 NDX Close 2125 2176 day prior Monday Friday 1888 -237 -288 1888 1888 1888 1975 -150 -201 1975 1975 1975 Strong 2030 -95 -146 2030 2030 2030 2084 -41 -92 2084 2084 2084 2177 52 1 2177 2177 2177 2269 144 93 2269 2269 2269 2260 2283 135 90 2272 2277 2283 2362 237 186 2362 2362 2362 2454 329 278 2454 2454 2454 ht david

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