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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: dgrs1 who wrote (32317)	10/17/1999 12:49:00 AM
From: Doug R	Read Replies (3) \| Respond to of 79197

Dave, et al, I'm still using the S&P 500 since it is still the least "unruly" of the averages. The charts pretty much say it's almost over. Where/when oversold on the 13 w and 13 dRSI is "scheduled" for, corresponds well with a bottom seen as a retest of the '98 IHS neckline which is in the 1190 area. The Dow IHS from the same time has that initial breakout move that reached 9800 for several weeks before pushing through 10K. There hasn't been real exhaustion selling yet but the ingredients for that to occur are certainly in place. I would expect the Dow to go ripping through 9800 to retest its neckline on an exhaustion kind of day. It'll be ugly looking. The corresponding S&P setup has the initial IHS breakout move topping out at 1283.9. The gap from 1285 to 1283.4 at the open yesterday pretty much indicates that the Dow will behave in similar fashion to wind up with a low in the 9500 area. That translates to about 80 S&P points so the retest of the neckline at 1180 on the S&P may appear kinda severe when it happens. Then it will be over and we can all go long again. Interesting note...CADE hit a new 52 week high this week. Somewhat reminds me of APCO back in October '97. Also...there must be something going on at DSTR(W). Doug R