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

To: Sergio H who wrote (28371)	4/11/1999 10:54:00 PM
From: Doug R	Read Replies (1) \| Respond to of 79298

Sergio, Bdog, R2K: First of all, the CPQ warning has S&P and Naz futures significantly down. Tomorrow's going to be interesting to say the least. The R2K achieved a short term breakout but the chart shows intermediate to long term resistance along the down trend line from the high on 4/22/98 across the high on 7/17 (I know, I know...that's obvious). Along with the current up trend anchored on the lows of 10/8/98 and 3/24/99, a triangle comes to an apex at 410 or 411 during the first week of May. The up trending support line at 389 or 390 may see another test if CPQ kills follow through in Friday's R2K short term break out. Interestingly enough, 388.76 is the low of the left shoulder on an IHS that may still be "under construction". A successful retest of the uptrend would establish a right shoulder that would put some nice symmetry to the IHS. If so, an up trending neck line of the IHS would be set across Friday's high and the high on 3/11. That neck line cuts right through the apex of the triangle. I expect things to be taken quite close to the apex of the triangle in the coming weeks. A bounce off the up trend would be a good place to begin establishing or adding to positions in good small cap stocks. Once the CPQ storm has blown over, I expect a break to the upside of the triangle and at that time, a thorough read of the technicals will be necessary. Doug R PS: Bdog, AOL has no volume data for the R2K. I suspect IQ charts would but their site isn't coming up for me tonight. From the message I'm getting when I try, it looks like it's gone.