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To: jjs_ynot who wrote (43810)	5/23/1998 1:31:00 PM
From: Patrick Slevin	Respond to of 58727

Hard to say as it depends on so many isolated external factors. For instance you get a minor intraday rally because Suharto did this, or a selloff because the Fed did what was expected I think the market, presuming it shall go lower sooner than later (that is to say, new highs won't be attained first), has the potential to perform a stairstep decline with minor rallies coming off support levels as it goes down. Because I don't make money by guessing the DOW, I only look at the SP8M. In the SP8M I look for 05, bounce, 97/00, minor bounce, low 80s and bounce and then 65 range and bounce. A case could be made for a challenge of the 200 dMA. So, look at the 200dMA on the DJIA for a correlation. Of course, my posture is usually generally bearish so one has to take this view with a grain of Viagra.