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 : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: J.T. who wrote (4)	6/2/1999 1:31:00 AM
From: Don Pueblo	Read Replies (1) \| Respond to of 19219

Not exactly. When you say support and resistance, I don't know what you mean. Different TA filters make different calls; I see long term resistance different that short term resistance on a stock...just like you do I am sure. Anyway the question was not meant in any other way than to inquire as to what method (if any in particular) you might be using. I have a rudimentary understanding of several of them. I particulary like the rules of your thread as well. Have you read anything by Thomas R. DeMark or Tom Dorsey, by any chance? Just curious. DeMark has some trendline information that is quite good, IMHO.

To: J.T. who wrote (4)	6/2/1999 9:31:00 AM
From: J.T.	Read Replies (1) \| Respond to of 19219

First, I am going to attempt to give a pre-opening or closing MARKET COMMENTARY (MACRO-VIEW) as much as possible. For now this will be daily, but as things get into overload it may be every other day or as time permits. This may occur right before the bell when the market opens or after the close (maybe late into the night or weekend after Friday closes). MARKET COMMENTARY (PRE-OPEN 6/2/99): Market to open flat to slightly lower out of the box as AHP issues profit warning and down about $5 smacks. Inflation and Interest Rate worries will continue to hang over ther market as we await Friday's employment #'s. Greenspan speaking in Boston and analyst will pick apart anything he says in his speech looking for clues as to FED's next move. Bonds down 2 ticks to yield 5.95%. J.T.

To: J.T. who wrote (4)	6/4/1999 3:52:00 AM
From: J.T.	Respond to of 19219

DOW INDEX : The DOW has had trouble getting through the 10,670 level 5 days. Take a look at the following 3 charts in this link: nw3.nai.net The first chart shows the DOW the last two trading days. The high in this band is 10,667 and the low is 10,465. The market made three attempts to take out the high end resistance today only to come up short. Chart two shows today's hourly picture and the strong finish into the bell. We were looking like we were going to have a complete breakdown, but we reversed in the last 1/2 hour to finish where the DOW traded most of the session. This, in spite of significant weakness put on by the NAZ cousins, SOX and NET NUTZ. Chart three shows the 5 day picture. The intraday low is 10,409 registered on Tuesday June 1. Low close is 10,467 registered Thursday, May 27. So we have basically gone from 10,650 down to 10,409 and back up to 10,664. Seemingly sideways action, with resistance having developed right where we are at. But we need to take a look at a chart over the last 4 weeks. Take a look at this 60 minute chart that goes back to the all-time DOW closing high printed on May 13 at DOW 11,107. iqc.com Now what we see is the big picture. You don't have to be a genius to draw two downward parallel diagonal lines to see that this is only an impulse technical bounce the last two days. We may or may not continue this upward bounce tomorrow with the "E" # coming out. DOW RESISTANCE is as follows: R1 10,670, right where we are at (Bad "E" # and we are toast) R2 10,750, established 5/24 & 5/25. Two closes above this level and fight is on in bull/bear debate. We have not exceeded this closing level since May 21 R3 10,865-10,887 serious overhead supply established May 17-May 21. Two consecutive closes at or above this level all but assures the bull is back on track. DOW SUPPORT is as follows: S1 10,560-10,578 wiggle room between 5/28 & 6/2 close and where majority of trading occurred on 5/28. (Bad "E" and this support is knife slicing cheese). S2 10,409-10,434 more wiggle room test of intraday lows June 1 & May 27. Any 2 consecutive closes at/below this level confirms correction immediately on the way. S3 10,333 A break below this April 20 intraday low implies 10,050 test is on the cards.If 10,050 does not hold, bear correction could take us to potential 25% hit from May 13 highs, before base-building begins. SPX at a future time. Best Regards. J.T.