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To: Chris who wrote (8953)	5/27/1998 11:59:00 AM
From: Robert Graham	Respond to of 42787

At this point, I agree that it looks like another down leg coming up for the Dow. I will use the new intraday low that was established before this pullback and retest as the guideline to confirm another down leg. The S&P 500 is still above its intraday low that it is retesting, but not enough to be significant. The NASDAQ looks the worst. This is better than watching television, isn't it? Bob Graham

To: Chris who wrote (8953)	5/27/1998 12:04:00 PM
From: Magnatizer	Respond to of 42787

Free, near real time news allstocks.com ht david

To: Chris who wrote (8953)	5/27/1998 12:57:00 PM
From: Robert Graham	Read Replies (2) \| Respond to of 42787

Interesting, looks like the DJIA is consolidating around that intraday low we spoke of. This happened heading into lunch which can explain this. Activity should pick up soon. So I do not see this price pattern as being significant. Doing this type of running journal of the price action of the DJIA index is a good start in understanding how indices can behave in real-time. The next step would be to associate this index to what is helping provide the leadership in the market like the long bond or the S&P Futures. I am finding that an MA for this index is working well as a guide to determine the direction and even help determine the strength of the intraday trend. I wonder if other real-time indicators like the RSI or Stochs can help here in providing an intraday OB/OS status of the index? Also I have been comparing the action of the DJIA to other indices like the NASDAQ and S&P 500. A comparison to intraday TICK and TRIN may prove to be worthwhile to. Closely following just the price action of the index can help provide an understanding of intraday periods of trading activity and where they normally begin and end. Bob Graham