|
PureBytes Links
Trading Reference Links
|
>The pattern on
>the S & P is bearish. At todays date it looks as if it will dump next week.
>Hang on to your hats!!!!!!
>The S&P is at major, major support as of last night. It is right at it's 50 Day
>MA, Trendline and Standard Error Channel. This is make or break time, today,
>now. What are the thoughts on this. I dumped a bunch Mon and Tues
>(unfortunately mostly Tues).
A beautiful Short-Term Up-trend, in a Mid-Term Up-trend and all that in a Long-Term Up-trend.
(shame to see it get wasted, chart is semi-log, logarithm).
ST-sentiment is not so prosperus, but as this can "easily" change overnight (100% jo-jo),
for the better information, among other sources, a look at the Trends' internals is required.
The Flag in an Up-Trend(=bullish) was completed in Jun98 and is valid when Price
moves above the patterns low level. The up-rally has resulted in a New Major High.
A short term-correction of this bullish continuation pattern is now taking place and
former resistance levels(1100-1120) are due to be tested as the new ST-support.
Former Major Low of 1080(+=former Major Support) has not been down-broken as yet,
this validates trend, and also ST + MT Up-Trend-channels are still up and in the proper
order, thus for any of the levels for the Trend or Price continuation:
ST-Trend = up when >1100 (midst of former Trade-zone 1080-1120)
ST-Trend = down when <1100 (also the 50-days Support Level and Breakpoint)
Stats:
1280 ST-Top potential for an All Time High, max appr. 1300 and is
LT Uptrends' rising vertical resistance line
1230 ST-Uptrends' rising vertical resistance line(top-trend-line in ST-channal)
1120 ST-Support(Former Major High + former horizontal resistance Trade-zone)
1100 ST-Uptrends' rising vertical support line+ST-Trends Break Point
1080 ST-Final Break-point and is
Former Low + former horizontal support Trade-zone + bottom of the Flag-pattern
(pattern is valid if etc. etc., in this the patterns' vertical lengths bottom has to hold)
1040 MT-Uptrends' rising vertical support line(bottom-trend-line in ST-channal)
980 MT-Support(Former Major High + former horizontal resistance Trade-zone +
Long-term Channels Median Support)
Regards,
Ton Maas
Ms-IRB@xxxxxxxxx
Attachment Converted: "c:\eudora\attach\SP500Aug98.gif"
|