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

To: donald sew who wrote (24441)	8/16/1998 9:02:00 PM
From: flickerful	Respond to of 94695

offtopic..... grub, sorry.

To: donald sew who wrote (24441)	8/16/1998 9:41:00 PM
From: FJV	Read Replies (1) \| Respond to of 94695

Don, Have you taken a look at the NYSE Composite charts? As many have been focusing on the much narrower SPX, OEX and the Dow, the NYSE will give you a more broad based, unvarnished technical picture of the damage sustained by this market. The look of some standard indicators are very indicative of the beginning of the 1994 bear, except that we are now beginning the decline from much more dangerous heights. Such TA indicators as MACD, fast and slow stochastics, RSI and Williams %R are eerily similar to the beginning of 1994. What's more, as of Friday the 40 week MA (equivalent to the 200 dma)was violated for the first time since 1994. In early March 1994 the NYSE violated the 40 week MA for the first time since 1990. From 3/94 to January 95, the market corrected. I agree with your timing scenario for this week. After a severe downdraft tomorrow and early tuesday, we should see a relief rally of significant size. IMO it will be of short duration and will be capped by about 547 on the NYSE, or 8800-8850 on the Dow. This is in line with your max upward move to Dow 8850. Your thoughts. Franco EDIT 547 on the OEX would equate to 8800-50 on the Dow. 547 on the NYSE equates to Dow 8600-8650. I guess I see the relief rally max target a little lower than yours. Sorry for the screw up. Franco