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Taking a closer look at the spx, we see that the daily trend has turned down
by a close below the Triple Switch Next(red stair step). Also Krausz's Gann
Swing has turned down. The Ratio Oscillator has just rolled over out of the
overbought zone with the green line leading the red. Only thing positive
about this view is the green Ratio Oscillator line has touched the 50%
retracement level and the index has temporarily stopped in the lower weekly
fib support zone. There is an extreme weekly support zone just below 1150.
The Triple Switch Weekly is the weekly stop loss trend line and that is very
near also. That would make a better line to make a trading bounce from,
or...........
BobR
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In a message dated 98-07-23 08:23:40 EDT, Steve@xxxxxxxxxxx writes:
<<
RealTraders..
Below is my comment from last week re: top, timing and price range.
Applying the Multiple Time Frames technique set forth by Robert Krausz
in his recent book and TASC article of Nov 1996, I come up with 1164
(Wed close) as an S2 support level for the S&P 500 cash index. As the
trend is still up, I will look to go long upon confirmation; that
confirmation
being a move above the average of the S&P 500 highs for the last three
days and placing a appropriate stop.
My earlier post was as follows...
Dennis,
In his book, 45 Years in Wall Street, W.D. Gann set forth a number of time
and price rules to forecast tops. Using his rules, a top could devleop
between now and the end of July with the S&P 500 cash index reaching
the 1180-1190 area.
Steve
Dallas, TX
>>
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