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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 (23895)	12/6/1998 8:16:00 PM
From: Magnatizer	Read Replies (1) \| Respond to of 79230

Market Magnets 12.7.98 notes Dow: Looks to try to hold onto the set of three uptrend from 8993 to 9141. If the 9141 uptrend proves to be very stiff resistance I will begin a short term bearish stance and do some shorting. Weekly signals still up strongly. A heavy down week would reverse them. If they reverse I will short more heavily. Daily indicators are turned down so it will take the strength of the weeklys to hold the Dow in the "triple" trendline area. Nasdaq: Trendline crossover Monday (one magnet trendline, one traditional trendline) and Friday (dual magnet crossover). Fridays trendline crossover is quite significant. The dates for the trendlines are as follows: 1.23.96 to 8.2.96 connect lows and 9.16.97 to 12.2.97 connect highs. I see this as being the turning point for the nasdaq going into 12.23 because....... The most important thing I can say about the nasdaq is there is a significant triple trendline crossover on 12/23 using semi-log charts. SP500: Found a new trendline which started in 1980. It is quite significant. 4.14.80 to 11.12.80 connect lows. This trendline is having a cross with another significant trendline 12.19.94 to 1.26.96 connect lows. If 1165 trendline fails to hold I will go short term short position. The trendline crossover on 12.22 in conjunction with the nasdaq trendline crossover on the 23 leads me to believe we will see the lows for the month in that area. I feel a significant rally will begin after the trendline crossovers occur. I would become concerned if the weekly indicators turned down. For now I am quite bullish for the coming 2-3 months. Mond Tues Wed Thurs Fri DOW 30 Close 9016 day prior Monday Friday (if sloped) 7933 -1083 7933 7933 7933 7933 8143 -874 8143 8143 8143 8143 8190 8208 -826 8195 8199 8204 8208 8352 -664 8352 8352 8352 8352 8561 -455 8561 8561 8561 8561 8770 -246 8770 8770 8770 8770 8980 -36 8980 8980 8980 8980 8993 9016 -23 8999 9005 9010 9016 9021 9041 5 9026 9031 9036 9041 9141 9168 125 9148 9155 9161 9168 9423 9460 407 9432 9442 9451 9460 9398 382 9398 9398 9398 9398 9651 635 9651 9651 9651 9651 9905 889 9905 9905 9905 9905 Nasdaq Close 2003 day prior Monday Friday 1413 1415 -590 1414 1414 1415 1415 1419 1415 -584 1418 1417 1416 1415 1478 -525 1478 1478 1478 1478 1528 -475 1528 1528 1528 1528 1550 -453 1550 1550 1550 1550 1504 1484 -499 1499 1494 1489 1484 1505 1493 -498 1502 1499 1496 1493 1572 1565 -431 1570 1569 1567 1565 1622 -381 1622 1622 1622 1622 1694 -309 1694 1694 1694 1694 1766 -237 1766 1766 1766 1766 1783 -221 1783 1783 1783 1783 1846 -157 1846 1846 1846 1846 1910 -93 1910 1910 1910 1910 1973 -30 1973 1973 1973 1973 2046 2053 43 2048 2050 2051 2053 2055 52 2055 2055 2055 2055 2167 2173 164 2169 2170 2172 2173 SP500 Close 1177 day prior Monday Friday 978 -199 978 978 978 978 1024 -153 1024 1024 1024 1024 1017 1018 -160 1017 1018 1018 1018 1028 1031 -149 1029 1030 1030 1031 1033 1034 -144 1033 1034 1034 1034 1037 1039 -140 1038 1038 1039 1039 1042 -135 1042 1042 1042 1042 1076 1079 -101 1077 1078 1078 1079 1070 -107 1070 1070 1070 1070 1116 -61 1116 1116 1116 1116 1165 1166 -12 1165 1166 1166 1166 1162 -15 1162 1162 1162 1162 1216 1218 39 1217 1217 1218 1218 1221 1226 44 1222 1224 1225 1226 1222 1225 45 1223 1224 1224 1225 1223 46 1223 1223 1223 1223 1245 1246 68 1245 1246 1246 1246 ht david