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

To: donald sew who wrote (34578)	11/29/1998 9:14:00 AM
From: HairBall	Respond to of 94695

Donald: I see a PENNANT forming on the 60-min chart. Do you see that also. Yes, regarding the Dow Industrials. Per trend line projections the formation will have to resolve on Monday. The normal break would be to the upside. Note the Industrials closed just above its ascending support trend line. The Industrials have been trading in a rising slightly expanding channel. Looking at supporting Indices (NYA & SPX) for confirmation one does not find clear support. Charting the NYA one may be able to close one eye and come up with a ascending triangle, with slight violations at the upper trend line. It also should resolve on Monday per trend line projections. The normal break would be to the upside. Note the NYA closed almost sitting on its ascending support trend line. It has been trading in a slightly constricting rising channel. Charting the SPX, one can make the call it is forming a coil or megaphone, but I have little experience with either and even less trust. The SPX has been trading in a rising channel with both upper and lower ascending trend lines in parallel. The SPX also closed sitting just above its rising support trend line. In addition, reviewing the NASDAQ chart reveals that its has been trading in a rising channel with both upper and lower ascending trend lines in parallel. The NASDAQ closed in the middle of its rising channel, with no clear chart formation. The RUT is trading in a rising slightly expanding channel, closing approximately in the middle of the channel. It also reveals no clear chart formation. Coupling the above chart formations and my own Indicators, once again reveals possible conflicts. I will be watching to see if the Market breaks to the upside early Monday. If not, the Market as measure by the DJI, SPX and NYA could put their respective rising support lines at risk. If these support lines are violated, this would support my Indicators which are close to giving a short-term sell signal. Note: The above referenced charts are: (Actual Intraday Semi-Log 60 Minute Interval Charts) Chart formations are not 100%. (All Disclaimers Apply) BWDIK Regards, LG