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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Philipp who wrote (24022)	8/12/1998 9:24:00 AM
From: Terry Whitman	Respond to of 94695

<<Dow or SP500? Many TAs on this thread use the Dow instead of the SP500. Why? While I agree that the Dow is the more important headline index, from a technical point of view it surely must be the SPX. In support of that statement, I would say that the SPX chart is much clearer than the Dow's and support/resistance levels, trend lines in the SPX seem much more influential (my impression). This is kind of relevant now, since the next strong support level in the SPX below 1060 is a long way down (around 990). >> Two word answer. DOW Theory. While any diligant technician will study many indexes and indicators, the much tried and tested Dow Theory is based on the Transports and the Industrials- And it don't look good right now based on DOW Theory. Regards, TW