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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: .Trev who wrote (945)	1/2/2001 10:03:47 PM
From: Susan G	Read Replies (3) \| Respond to of 5732

Trev, I don't follow the SPX closely enough to know the support levels well, but I do know it broke important support today as OJ was tracking it in the trading room. And the second it broke it tanked further... From the chart alone I would say it's definitely heading towards the Oct 99 support, which is also a support area from January 99. If it breaks that we better all run for the hills with our cash in our pockets, or in short positions... 1233.66 was the October 99 low. There is going to be major selling if that is taken out, And next support is around 1219 for the January lows. It may bounce there as many will expect it to.. Although there seems to be a little support right below 1200, (the double top from July and Oct 98) after that the only decent support I see is right above 1100 from April 98. And if that goes, Queen Abby may have to pawn her crown! We'll definitely be in crash mode then... Just like the nasdaq seems to be in now. Relentless selling of the Dow and S&P will be brutal IMO. And a major crisis too.

To: .Trev who wrote (945)	1/2/2001 10:18:44 PM
From: Susan G	Read Replies (1) \| Respond to of 5732

Still looking at the damn chart <g> now you've got me curious! On a weekly and monthly... The stochastic is also more oversold than it has ever been in the history of the index, it has not been this oversold since 1991. The -DI is about to cross up over the +DI indicator, a negative indicator, that has not ocurred since 1991. The +DI on the ADX indicator hit a low it has never seen in the history of the SPX index. The sell signal this indicator gave was on 9/1 and the selling has not reversed since then. If it was a stock I'd think it was about to turn up and had bottomed here because it was so oversold, but the ADX is not at an extreme yet which would indicate a trend reversal. The MACD indicator looks like the selling has a long way to go before it's over. It gave a sell signal in Jan 2000 that has never turned back up on the monthly chart. YEOW... things are not looking good here, unless there is a major turnaround and FAST. Otherwise. I think all hell is about to break loose. Hmmm, didn't I hear that somewhere recently?? LOL Wish I was more of a TA expert, hope this helps!