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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 (29813)	5/22/1999 11:00:00 AM
From: Magnatizer	Read Replies (1) \| Respond to of 79238

market magnets 4.24.99 notes Dow: Lost newest mag tline Friday. Weekly hold, near sell. H&S pattern in one of the weekly indicators broke neckline. Likely target for downside using mag tlines alone is upper 9000s. Nas: Weekly hold, near sell. Same weekly indicator which has a H&S breakdown on dow is at the top of the right shoulder on the nas. 6.7.99 tline cross coming up. I feel the 5.21/5.24 tline cross has not made an impact yet, likely to see some action by Wed. SP500: 5.27 cross date adjusted to 5.31. Weekly hold near sell. H&S breakdown similar to dow. 1261 (85 line)intial downside target but I think the 1206 tline is more likely. Nas 100: Weekly hold after Fridays weakness. At top of right shoulder on the said weekly indicator. Overall I see lots of common tlines which have anchors of Oct 98 lows are being broken. At this point there is a greater risk to reward for longs so I will be working into my hedge position early this week. I would have likely been worked into it already but a few outside factors lead to me not trading this week. Mond Tues Wed Thurs Fri DOW 30 Close 10829 day prior Monday Friday (if sloped) 9651 -1178 9651 9651 9651 9651 9769 9794 -1060 9775 9782 9788 9794 Top of Set of Three 9905 -924 9905 9905 9905 9905 10158 -671 10158 10158 10158 10158 10411 -418 10411 10411 10411 10411 10449 10482 -380 10457 10466 10474 10482 Not Mag but very key 10679 -150 10679 10679 10679 10679 10852 10916 23 10868 10884 10900 10916 Newest mag tline 10947 118 10947 10947 10947 10947 11239 410 11239 11239 11239 11239 Nasdaq Close 2520 Next mag tline cross: day prior 6.7.99 Monday Friday 2055 -465 2055 2055 2055 2055 Strong 2283 2290 -237 2285 2287 2288 2290 2316 -204 2316 2316 2316 2316 2331 2320 -189 2328 2326 2323 2320 2332 2338 -188 2334 2335 2337 2338 12.23.94 to 10.20.95 2468 2471 -52 2469 2470 2470 2471 2497 -23 2497 2497 2497 2497 2599 2611 79 2602 2605 2608 2611 1.14.99 to 3.16.99 2635 2644 115 2637 2640 2642 2644 8.2.96 to 11.8.96 2655 135 2655 2655 2655 2655 2782 2818 262 2791 2800 2809 2818 2812 292 2812 2812 2812 2812 2970 450 2970 2970 2970 2970 3127 607 3127 3127 3127 3127 3210 690 3210 3210 3210 3210 SP500 Close 1330 Next mag tline cross: day prior 5.31.99 Monday Friday 1162 -168 1162 1162 1162 1162 1206 1207 -124 1206 1207 1207 1207 1223 -107 1223 1223 1223 1223 1261 1262 -69 1261 1262 1262 1262 85 Line 1280 1281 -50 1280 1281 1281 1281 1300 -30 1300 1300 1300 1300 1322 1325 -8 1323 1324 1324 1325 9.18.97 to 6.24.98 1340 1342 10 1341 1341 1342 1342 New Mag Tline cross 1347 1349 17 1348 1348 1349 1349 86 Line 1374 1381 44 1376 1378 1379 1381 1424 1434 94 1427 1429 1432 1434 1434 1436 104 1435 1435 1436 1436 1447 117 1447 1447 1447 1447 1593 263 1593 1593 1593 1593 NDX Close 2114 day prior Monday Friday 1888 -226 1888 1888 1888 1888 1975 -139 1975 1975 1975 1975 Strong 2030 -84 2030 2030 2030 2030 2084 -30 2084 2084 2084 2084 2177 63 2177 2177 2177 2177 2269 155 2269 2269 2269 2269 2288 2312 174 2294 2300 2306 2312 2362 248 2362 2362 2362 2362 2454 340 2454 2454 2454 2454 ht david