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

To: Doug R who wrote (17520)	5/25/1998 8:08:00 AM
From: Ocote	Respond to of 79450

Doug R. Yes, I did notice the 13 day RSI breaking down through the newborn uptrend from 4/28. Its so tiny though, I had to clean my glasses to be sure that was a speck on my glasses or a breakout. Interestingly, in the 34 day RSI, the long term uptrend formed by 10/27 and 1/9 that gave some support during the present downtrend, but after breaking 3 times became resistance on 5/22. And of course, if it forms resistance, that would predict a significant decline. Also, the RSI downtrend in the Dow was never broken. It is very shallow and gives a lot of room for an uptrend to form underneath it. That's allowed a symmetric triangle to form. I wish volume were included in my index charts. I did look at the volume by itself, and noticed there's been a steep decline in volume in the NYSE since 5/1, less pronounced in the Nasdaq. The Nasdaq A/D line has made new lows according to QP--is this true? Regarding the intermediate Stochs on the S & P; the 55,13,21 did fail to cross upward, and is now declining, the %K and %D widening. The 89,3,5 and 21,13,13 are about to cross over negatively if we have one down day. The crystal ball is a bit cloudy, Doug, but atleast it gives a framework from which to plan one's strategy. Even if it gives a false signal, nonsupportive volume and failure of other indicators can help sort through it. Did you see Mr. Greenspan's comments? I believe he said the Asian risk has not decreased since October. I remain short-term bearish, long-term bullish. Ocote