P&F charts for the Dow Industrial, Nasdaq, TSE and TSX

**Naamplao** · 10-19-2008 12:24 PM

So how is the market going in North America? Are we at the bottom yet?

For long term prediction I use Point and Figure charts (P&F). So I decided to look at them to see what is happening...here they are:

USA MARKETS

There is a small resistance at 9400 but the major resistance is in the stratosphere at 11200. The support level at present is at 8600...and it is hard to tell if it is solid or not. The solid support is at 7600 ...could we reach that? I would not rule it out. At the rate this market falls it could take a couple of days if 8600 proves soft.

Draw a diagonal from the 9,5 boxes on the left and you will see it provide the current support for the Nasdaq....1700. So with this chart as well we are smack up against a support level. The next support is 1500 and the 1200. Resistance is at 2200....not reachable in the near future I'm afraid.

So that is the market values in the USA....they are both poised on support levels.

Canadian Markets

As you can see the support level was breached but we rallied and returned above the line. So 9200 seems like a support line, with 9000 being secondary support...falling through these leaves a gut wrenching fall to 8200 (very soft support) then 5800 yikes!!

This has been a freefall for the last 3 months. The Venture exchange is basically, oil&gas, mining and forestry stocks...not pretty. We are butt up against its only support at 900. Not good unless this is the bottom.

Conclusion

Ha...all I can say is that we are either going up and rebound or plunge further....for all four charts. We are against a support line in all of them and I suppose that is some comfort, but breaking these support lines is not a good prospect.

I did a Pincher chart on the Dow Industrial, Nasdaq and TSE...all three of these charts were similar...

$INDU - SharpCharts from StockCharts.com

$COMPQ - SharpCharts from StockCharts.com

$TSE - SharpCharts from StockCharts.com

There is no indication of a "pincher" at this point. So from this at best I see sideways movement....

There is some difference in the Canadian Venture exchange though

$CDNX - SharpCharts from StockCharts.com

This stock has been in "Pincher" mode for the last 2 weeks. If the pincher formation is true, then we should see a 20% rise here soon...will it last? I don't know but it is the first sign of reaching a bottom. Hopefully the rest will follow as our two market places are closely linked.

**chuck44l** · 10-19-2008 12:41 PM

Naamplao Nice work, Thanks for sharing. We sure need this Dow to get some solid support and head North very soon.

**Naamplao** · 10-20-2008 01:09 PM

Well....we are bouncing off the support on all counts....but no signs of a reversal....that will take many series of up-ticks. But it at least stopped the fall today.

**Naamplao** · 10-24-2008 10:27 AM

This is a pretty scary day today. We are breaking the supports of all 4 exchanges today if today's trading continues as it started.

The support now is at 7600 for the Dow...a level not seen since 2003

The support now is at 1200 for the NASDAQ...a level not seen since 2003

I don't know where we can find support for the TSE. I hope it isn't down at 5800 but any support between the current point and there is pretty soft.

We are headed into uncharted territory here....levels that are less than those in 2000

Anyone thinking a few upticks in a share price is a sign of the Bull returning is in denial.

**artmaniac** · 10-24-2008 11:22 AM

Nice work, Thanks for sharing

**Naamplao** · 10-24-2008 08:00 PM

Originally Posted by artmaniac

Nice work, Thanks for sharing

Thank you for the feedback.

The end of the day saw some recovery...back to those support lines which perhaps are now resistance lines. Next week I hope is green not red. There seems to be no subtlety anymore. It either a glorious day or one for window jumping....it would be nice to see slow changes again.

**Naamplao** · 10-28-2008 05:35 PM

If you look at the charts below...other than the Dow nothing actually changed.

Even the DOW is not out of bear territory with that jump. Resistance is at 9400. If it passes that point then I might think it has turned around.

Prediction: It won't and it will fall back down as before.

**Naamplao** · 11-13-2008 07:30 AM

Look at the P&F charts I did earlier...all indices are standing on their supports right now. another bad day and we will fall through them.

It will be an interesting market today

**Naamplao** · 11-20-2008 06:55 PM

not good...we broke supports for all indices and are heading for levels not seen since the dot.com bust of 2000 -2002

Getting tired of this red ink

**Naamplao** · 02-21-2009 09:55 PM

Time to look at what is going on....As you can see....we are looking at returning to the lows of November...pass this support and we won't be in good shape.

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