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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn D. Rudolph who wrote (29926)	1/10/1998 1:22:00 PM
From: username	Read Replies (1) \| Respond to of 61433

OT Overview of potential results of technical failure on several indices. "Technically" speaking, the following 30-45 days will be critical to future events. Here is my take on several indices' targets in the event of a general failure of current price pattern trends. (I'm bullish, this is the "devil's advocate" scenario). Dow 30 ($INDU)- the short term support has been violated. A failure to move back into the short term range of 7760-8040 would add confirmation to a downside medium term target of 6740. Dow Utilities ($UTIL)- very strong support at 258. A failure of this support would signal confirmation of a short-medium term trend change. (It appears that changes in this index could give strong insight into the potential trend changes in the other indices.) NASDAQ ($COMP)- A failure to hold at 1488 and then move above 1552 will add confirmation to the potential downside target of 1348. (However, a move above 1552 with a confirming short term pattern would give a new medium term upside target of 1948.) S&P 500 ($SPX)- The short term support level of 938 has been violated. A failure to move above 974 with a subsequent move down will be a confirmation of the medium-long term downside target of 828. S&P 100 ($OEX)- The short term support at 448 has been violated. A failure to move above the short term resistance at 456 with a subsequent move down will help confirm a downside target at the next major support level of 432. A break below 432 would be strong confirmation of the medium-long term downside target of 388. PSE Tech Index ($PSE)- The "best" looking chart in the event of a market failure. An inability to hold at 272 and move above 296 in the short term will add confirmation to the short term downside target of 248 and the medium downside target at 222. thanks, pete