Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: James F. Hopkins who wrote (7016)	2/25/1999 1:32:00 AM
From: Smooth Drive	Read Replies (3) \| Respond to of 99985

Good Evening All, THROUGH MY ROSE TINTED GLASSES The DOW INDUSTRIALS closed down -144.75 points or -1.52% and up 204.20 points or 2.22% from one week ago Wednesday. Today's close was within 10% of the high/low range added to the low, and that makes an 85% chance of a lower low tomorrow. TRANSPORTS closed up 27.89 points or .87% and up 97.44 points or 3.09% for the week. UTILITIES closed up 1.17 points or .39% for the day and up 6.03 points or 2.07% for a week ago. The S&P 500 closed down –17.77 points or 1.40% and up 29.38 points or 2.40% from last week and have an 85% chance of a lower low tomorrow. The NAZ closed down –36.97 points or 1.56% and up 90.47 points or 4.02% for the week and also have an 85% chance of a lower low tomorrow. Tonight's Chart The Dow Jones Industrial Average (DJIA) looks like this: 9600 X X 9550 X O X O 9500 X O X O 9450 X O X X O 9400 X O X O 2 X O 9350 X 1 X O X O X O X X X 9300 X O X O X O X O X O X O X O X 9250 X O X O X O X O X O X O X O X 9200 X O X O O X O X O O X O 9150 X O X * O X O X O X 9100 X O X * O O O 9050 X O X X * 9000 X C X O X * < Bearish Support Line 8950 X X O X O X * 8900 X O X O O X * 8850 X O X O X * 8800 X O O X * 8750 X O X 8700 B O 8650 X X 8600 X O X 8550 X O X + 8500 X O X + 8450 X O X + 8400 X O X + 8350 X O + 8300 X + 8250 X + 8200 X + 8150 X + 8100 X + 8050 X X + 8000 X O X + 7950 X O X + 7900 X O + 7850 X + 7800 O X + 7750 O X + 7700 O X + 7650 O X + 7600 O X + 7550 O X + < Official Bullish Support Line 7500 O X + 7450 O + + Long term bullish (trading above the Bullish Support Line) and short term bullish (on a triple top buy signal that occurred at 9400). Hit 9600 yesterday and reversed down today. Bullish price objective of ((53) 50)+ 9100 = 9850. But -- I don't think so right now. This P&F DJIA index chart is a perfect example of what's wrong with (insert the name of other index charts -- bar, line, etc) that is - they are all bullish at the top (on some kind of a buy or similar signal) and bearish at the bottom. And what protects us? Divergence with our P&F summation indicators - with the primary short term guy's being the a) High Low index and b) Stocks above their 10 week MA; and the main long term guy being the New York Stock Exchange Bullish Percent Index (NYSEBP). They've all been going down, diverging, now for some time. Here's a update from today Message 8007938. Just thin little rallies - Arnold biceps and pencil neck legs. Other than a few small time shorts, my cash is warm and secure in money markets and I'm still long term and short term bearish. To reiterate that boring old saying, "When the indicators change, I change." Maybe next week, maybe not. Take care, Eric