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

To: Magnatizer who wrote (36374)	7/30/2000 12:59:46 PM
From: ChrisJP	Read Replies (1) \| Respond to of 79398

Would you be kind enough to summarize, as I did 3 weeks ago, using NAS 100 and S&P values, what the bull and bear scenarios are. I believe the S&P bearish one is the one I described 3 weeks ago -- if we don't hold 1380 -- we are in big trouble ! When I look back from March until now, the market has changed directions violently 4 times. Irrational up (NASDAQ 5000), Irrational down (NASDAQ 3000), Irrational up again (NASDAQ 4200) and now down again. Doesn't this make TA kind of tough ? IMO, what will really happen is that this back and forth good news, bad news will make the markets tend to converge into a trading range for several months. A range that will become more and more narrow -- until it definitively breaks one way or the other 6 months from now. For the S&P: 1400ish - 1500ish seems likely For the NASDAQ Comp: 3400 - 3800. These are just guesses, but my opinion is that these swings are just noise for the time being. Supports line will be broken and then recover in a pattern of lower highs and higher lows. Disclaimer -- If the NASDAQ breaks 2800 or CSCO closes below 50 -- then look out below ! lol Chris