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In my attempts to develop a methodology for trading the S&P and as a result
of looking at different time frames, I offer these observations:
If anyone will look at the S&P on a monthly MS chart from Jan of 1994, one
will see a fabulous chart that almost looks like a stairstep.
Since the end of Jan 98 to July 98 there has only been one month that the
S&P traded below the previous months low, and that was only by 2.31 points
This is the first month that we have traded significantly below the
previous month.
If a trendline is drawn from the Oct 97 low, we have YET to touch that
line. It is a sign of strength for a trendline to be touched and therefore
tested, and we have yet to touch the line.
To all that study channels, I ask, are we not now approaching the bottom of
a short term {based on monthly data} channel?
Unless 896.75 on a closing basis is violated, are we not in a bull market
still?
If we do not listen to T V and read newspapers, but trade off of charts,
could we find a more profitable chart pattern?
To all chartist, please give an evaluation.
Al Taglavore
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