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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Chris who wrote (10595)	6/21/1998 5:23:00 PM
From: Robert Graham	Respond to of 42787

I would not take the buy signal given by the MACD as significant in this situation until it crosses its zero line. Also note that there is still significant points of resistance ahead of the NASDAQ. Furthermore, unless there is substantial institutional monies that are responsible for this NASDAQ rally, it is then just the "weak" public monies which I would not see as significant other than a barometer of public sentiment and perhaps the cause of a very short term "pop" in that market. The positives here is the apparent bottom made by this index and the successful challenge of its interim peak from its bounce and the breakout from its 50 day MA made in the second week of June. The index is actually above both its 50 and 20 day MA. The challenge now is the successful challenge of the resistance at about 1240 and simultaneously its down trendline and its upper BB. This is going to be a much more significant of an event that needs to turn up successful if a short term uptrend is to be established by this index. I do not think it will be successful at its first attempt, but it will be interesting to see if this index makes it above the resistance now being challenged. The NASDAQ 100 has bottomed and the technicals are improving. There appears to be recent buying interest in this index of stocks. What is the weekly chart on this index? Bob Graham