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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: MileHigh who wrote (17859)	10/2/1998 2:21:00 AM
From: marketbrief.com	Read Replies (1) \| Respond to of 69886

We have a complete list of books listed under "Reference Library" at our web site. I personally recommend reading The Nature of Risk by Justin Mamis first, then Technical Analysis and Stock Market Profits by Richard Shabacker, then the pair of books on Japanese candlesticks by Steven Nison and before you finally trade, read New Blueprints for Gains in Stocks & Grains/One-way Formula for Trading in Stocks and Commodities by William Dunnigan. This is a fair amount of investment prior to trading, but it will cost a lot less than the first couple of bad trades. For a complete list of books in our library at ispeculator.com

To: MileHigh who wrote (17859)	10/2/1998 2:23:00 AM
From: marketbrief.com	Respond to of 69886

Daily Chart Analysis for Major Indices Dow Jones Industrial Average: From the intraday high of 9367.84 made on July 20, 1998 to the intraday low of 7400.30 made on September 1, 1998, the index fell a total of 1967.54 points. Since the lows, the index has bounced 782.17 points, a 39.75 percent retracement. It has traded inside of a classic bear flag pattern, which has bearish implications and had been trading within the well-marked boundaries of the flag until yesterday when it broke to the downside. There are two possibilities at this time. The first would be an eventual successful test of the September 1 intraday lows. The second would be a break of the lows. We can use the measurement formula of Edwards & Magee as a rule of thumb to calculate a target of 6828.99. Major areas of support seen on the weekly chart are 7391.59 and 6691.51. S&P 500 Index: From the intraday high of 1190.58 made on July 20, 1998 to the intraday low of 939.98 made on September 1, 1998, the index fell a total of 250.60 points. Since the lows, the index has bounced 126.13 points, a 50.33 percent retracement. It has traded inside of a classic bear flag pattern, which has bearish implications and had been trading within the well-marked boundaries of the flag until yesterday when it broke to the downside. There are two possibilities at this time. The first would be an eventual successful test of the September 1 intraday lows. The second would be a break of the lows. We can use the measurement formula of Edwards & Magee as a rule of thumb to calculate a target of 899.45. The major support seen on the weekly chart is in the 900 area. Nasdaq 100 Index: From the intraday high of 1485.97 made on July 21, 1998 to the intraday low of 1118.12 made on September 1, 1998, the index fell a total of 367.85 points. Since the lows, the index has bounced 295.04 points, an 80.20 percent retracement. It has traded inside of a classic rising wedge pattern, which has bearish implications and had been trading within the well-marked boundaries of the wedge until yesterday when it broke to the downside. There are two possibilities at this time. The first would be an eventual successful test of the September 1 intraday lows. The second would be a break of the lows. There is no measurement formula for rising wedges. All charts have been posted to intelligentspeculator.com