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

To: Magnatizer who wrote (20892)	8/29/1998 3:40:00 PM
From: Doug R	Read Replies (2) \| Respond to of 79230

David, I don't think that has much left in the way of warning of downside. I would like to see them stay with the broader market instead of shifting from the A/D to the DJIA. Maybe charts of the NYSE composite index would show a better read on their work. The broader market has gotten creamed for months now. Key support levels are now: DJIA: 7890 R2K: 340 Naz: 1535 S&P 500: 975 The Naz is the farthest from support so one might expect CSCO, MSFT and DELL to have some correction coming. That would sure scare the market gurus and there won't be a bull left on the street (except for astute contrarians). If those levels hold, the bounce should be spectacular on a gazillion shares. If tested and a bounce is a yawner, I'd remain cautious. If those levels don't hold...we're in deep sh*t. The biggest caution flag in the charts is that the parabolic pattern of the market's rise is possibly being broken. If it's to remain unbroken, the major indexes will not quite reach those support levels and the market will go on to find a way to make new highs. Right now there's not much to do but watch those support levels and see what happens as they are approached. Doug R