Dow Jones Industrials - Armstrong Economics...1932/08/01 5430 7700 5240 7320 + 6004 4700 7100 9590...

47
11/11/13 P$ file:///C:/PEI/INDEX/DJIND-M.HTM 1/47 Dow Jones Industrials Monthly 1929-2013 Date Open High Low Close CP ENVEL P1 P2 ENVEL M T LT CS S1 S2 S3 COMMENT 1929/01/01 30030 32000 29290 31750 + 18407 25388 26859 29403 +++ * 96 95 63 BULLISH 1638 1929/02/01 31750 32450 29340 31740 + 19111 26518 28400 30527 +++ * 96 95 70 In Topping Process 1116 1929/03/01 31780 32440 28150 30890 + 19787 27476 29600 31607 +++ * 95 95 76 Still Above Support 1418 1929/04/01 30420 32110 29410 31930 + 20414 28326 30734 32610 +++ * 94 95 80 Still STRONG 1433 1929/05/01 31930 33100 29000 29740 - 20922 29038 31743 33422 *++ + 88 92 82 SPIKE LOW 1458 1929/06/01 29910 33530 29850 33170 + 21585 29150 32256 34479 +++ + 89 90 84 BULLISH UPTREND 2202 1929/07/01 33380 35110 33220 34770 + 22397 29926 32963 35777 +++ + 91 89 85 BULLISH 1714 1929/08/01 34770 38400 33610 38030 + 23370 31018 33877 37332 +++ + 92 90 86 VERY STRONG 1602 1929/09/01 38030 38610 34110 34350 - 23981 31958 34757 38307 +++ + 91 91 87 BULLISH 1453 1929/10/01 34350 35880 21230 27350 - 24183 30404 35249 38629 - - + + 75 86 86 TURNING BEARISH 601 1929/11/01 26980 26980 19540 23900 + 24105 28342 34516 38505 - - + + 55 73 82 Major PANIC LOW 2622 1929/12/01 23900 26760 22640 24850 + 23838 26226 33610 38080 - - + + 38 56 74 Moving Higher 2624 1930/01/01 24850 26870 24180 26710 + 23644 24340 32659 37768 - - + + 31 41 65 Moving Higher 2624

Transcript of Dow Jones Industrials - Armstrong Economics...1932/08/01 5430 7700 5240 7320 + 6004 4700 7100 9590...

Page 1: Dow Jones Industrials - Armstrong Economics...1932/08/01 5430 7700 5240 7320 + 6004 4700 7100 9590 ** - - 10 4 4 Short-Cover Reaction 2103 1932/09/01 7320 8140 6430 7160 - 5602 4878

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Dow Jones Industrials

Monthly 1929-2013

Date Open High Low Close CP ENVEL P1 P2 ENVEL M T LT CS S1 S2 S3 COMMENT

1929/01/01 30030 32000 29290 31750 + 18407 25388 26859 29403 + + + * 96 95 63BULLISH

1638

1929/02/01 31750 32450 29340 31740 + 19111 26518 28400 30527 + + + * 96 95 70In Topping

Process 1116

1929/03/01 31780 32440 28150 30890 + 19787 27476 29600 31607 + + + * 95 95 76Still Above

Support 1418

1929/04/01 30420 32110 29410 31930 + 20414 28326 30734 32610 + + + * 94 95 80Still STRONG

1433

1929/05/01 31930 33100 29000 29740 - 20922 29038 31743 33422 * + + + 88 92 82SPIKE LOW

1458

1929/06/01 29910 33530 29850 33170 + 21585 29150 32256 34479 + + + + 89 90 84

BULLISH

UPTREND

2202

1929/07/01 33380 35110 33220 34770 + 22397 29926 32963 35777 + + + + 91 89 85BULLISH

1714

1929/08/01 34770 38400 33610 38030 + 23370 31018 33877 37332 + + + + 92 90 86VERY

STRONG

1602

1929/09/01 38030 38610 34110 34350 - 23981 31958 34757 38307 + + + + 91 91 87 BULLISH

1453

1929/10/01 34350 35880 21230 27350 - 24183 30404 35249 38629 - - + + 75 86 86TURNINGBEARISH

601

1929/11/01 26980 26980 19540 23900 + 24105 28342 34516 38505 - - + + 55 73 82Major PANIC

LOW 2622

1929/12/01 23900 26760 22640 24850 + 23838 26226 33610 38080 - - + + 38 56 74Moving Higher

2624

1930/01/01 24850 26870 24180 26710 + 23644 24340 32659 37768 - - + + 31 41 65Moving Higher

2624

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2624

1930/02/01 26840 27500 25980 27110 + 23369 22714 31571 37329 * - + + 32 33 57Moving Higher

590

1930/03/01 27320 28910 26890 28610 + 23183 23846 30216 37033 + - * + 38 33 51Pushing Higher

581

1930/04/01 28610 29730 27220 27920 - 23008 25382 28947 36752 + - * + 42 37 48Temp High

502

1930/05/01 27920 28200 24980 27510 + 22746 25850 27850 36334 + - - + 43 41 46New LowsLikey 512

1930/06/01 27510 27690 20770 22630 - 22325 25168 27951 35661 - * - + 37 40 44

Further

Decline StillPossible 2321

1930/07/01 22630 24370 21460 23400 + 21746 24264 27610 34738 - * - * 31 37 42Moving Higher

2624

1930/08/01 23400 24140 21450 24040 + 21110 23176 27220 33722 - * - * 25 31 39

Temp Low

Short-CoverReaction 2008

1930/09/01 24040 24720 20200 20490 - 20072 21772 26823 32062 - - - - 16 24 35Turning BackDOWN 2628

1930/10/01 20590 21690 18150 18340 - 19123 20406 25791 30547 - - - - 13 18 30Moving Lower

2091

1930/11/01 18490 19130 16830 18090 + 18575 19618 24277 29671 - - - - 10 13 26New Lows

Likey 2627

1930/12/01 18340 18800 15450 16460 - 18134 18416 22934 28968 - - - - 5 9 21Moving Lower

2091

1931/01/01 16460 17570 16010 16930 + 17665 17328 21489 28219 - - - - 7 7 18STILL

BEARISH 534

1931/02/01 16760 19700 16560 19030 + 17210 16600 20821 27492 * - - - 13 8 15Moving Higher

584

1931/03/01 18970 19190 17060 17240 - 16626 16382 20114 26558 * - - - 14 11 14 Bearish 504

1931/04/01 17240 17470 14180 15120 - 15827 15852 19079 25281 - - - - 13 13 14Moving Lower

2091

1931/05/01 15120 15570 12730 12850 - 14934 15308 18204 23856 - - - - 11 12 13Further

Decline Still

Possible 2312

1931/06/01 12840 15660 11990 15020 + 14194 14504 17709 22674 - - - - 10 11 12Temp Low

Short-Cover

Reaction 2008

1931/07/01 15020 15670 13370 13540 - 13656 13866 17261 21814 - - - - 9 10 11NEW LOWS

AHEAD 2057

1931/08/01 13670 14510 13260 13940 + 13095 13106 16824 20919 - - - - 12 10 11

FAILED

RALLY

SHARPDECLINE

LIKELY 576

1931/09/01 13940 14050 9580 9660 - 12244 12186 16017 19558 - - - - 12 11 11ReTesting

Support 2100

1931/10/01 9660 10970 8550 10400 + 11646 11350 14843 18604 - - - - 10 11 11 Bearish 716

1931/11/01 10540 11920 8940 9390 - 11116 10740 14050 17756 - - - - 9 10 10 Bearish 716

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1931/11/01 10540 11920 8940 9390 - 11116 10740 14050 17756 - - - - 9 10 10 Bearish 716

1931/12/01 9340 9340 7180 7790 - 10506 9502 13160 16782 - - - - 7 8 9Further Decline

Likely 2613

1932/01/01 7410 8780 6990 7660 - 9985 8248 12177 15949 - - - - 8 8 9 Bearish 504

1932/02/01 7630 8980 7060 8140 + 9464 7744 11221 15118 - - - - 7 7 8Reaction Rally

2625

1932/03/01 8140 8990 7250 7330 - 8771 7484 10433 14011 - - - - 6 7 8Still Bearish

2099

1932/04/01 7330 7440 5540 5590 - 8081 6804 9489 12909 - - - - 4 5 7Moving Lower

2091

1932/05/01 5610 5980 4430 4470 - 7450 6254 8776 11900 - - - - 3 4 6Moving Lower

2091

1932/06/01 4470 5140 4230 4280 - 6942 5702 7807 11090 - - - - 1 2 5Moving Lower

2091

1932/07/01 4280 5470 4060 5390 + 6372 5102 7254 10178 - - - - 3 2 4Possible

MAJOR Low

589

1932/08/01 5430 7700 5240 7320 + 6004 4700 7100 9590 * * - - 10 4 4Short-Cover

Reaction 2103

1932/09/01 7320 8140 6430 7160 - 5602 4878 6980 8948 + * - - 18 10 6 Retest Support

1620

1932/10/01 7210 7260 5770 6190 - 5396 5146 6733 8620 + - - - 25 17 9Turning Down

1615

1932/11/01 6160 6790 5590 5640 - 5114 5418 6640 8170 + - - - 28 23 12Turning Down

1615

1932/12/01 5640 6290 5560 6030 + 4916 5718 6684 7852 * * - - 28 27 16 Stable 1132

1933/01/01 5990 6530 5890 6090 - 4815 5848 6883 7691 - + - - 30 28 18 RALLY 1610

1933/02/01 6090 6090 4970 5140 - 4665 5556 6971 7453 - * - - 29 29 21BEARISH

1449

1933/03/01 5140 6460 5030 5540 - 4511 5408 6794 7207 - + - - 33 30 23 RALLY 1610

1933/04/01 5570 7520 5500 7310 + 4511 5390 6706 7205 + * * - 42 34 26Turning UP

1626

1933/05/01 7770 9130 7560 8810 + 4701 5790 6973 7509 + + + - 56 43 30BULLISH

1625

1933/06/01 8810 10050 8650 9810 + 5017 6342 7439 8015 + + + - 76 58 38BULLISH

1625

1933/07/01 10160 11050 8450 9080 - 5301 7038 8119 8469 + + + - 85 72 46TEMP LOW

1621

1933/08/01 9080 10560 8960 10240 + 5589 7824 8694 8927 + + + * 86 82 55Holding

Support 1611

1933/09/01 10240 10770 9240 9420 - 5713 8572 9363 9127 + + + * 82 84 61Temp High

1445

1933/10/01 9480 10060 8360 8820 - 5812 8732 9877 9284 * + + - 74 80 65Pressing Lower

1423

1933/11/01 8820 10190 8680 9810 + 6026 8738 10259 9626 * + + + 76 77 67BULLISH

2212

1933/12/01 9840 10400 9370 9870 - 6277 8922 10440 10027 * + + + 74 74 68Temp High

1462

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1933/12/01 9840 10400 9370 9870 - 6277 8922 10440 10027 * + + + 74 74 681462

1934/01/01 9990 11010 9630 10720 + 6554 9056 10577 10470 * + + + 80 76 70BULLISH

1638

1934/02/01 10790 11190 10220 10350 - 6807 9252 10597 10873 + + + + 85 79 72CAUTION

1624

1934/03/01 10350 10600 9740 10030 - 7096 9528 10603 11336 * * + + 86 83 75Turning Down

1615

1934/04/01 10190 10700 10030 10050 - 7364 9798 10593 11762 * * + + 86 85 77 Bullish 1107

1934/05/01 10050 10140 8910 9400 - 7487 9706 10604 11961 - * + + 77 83 78

Turning

BEARISH1803

1934/06/01 9370 10110 9170 9580 - 7533 9614 10593 12033 - * + + 69 77 77Possible

CRASH 607

1934/07/01 9570 9940 8460 8810 - 7474 9262 10527 11938 - * + + 54 66 73Moving Lower

2089

1934/08/01 8860 9560 8630 9290 + 7486 9040 10320 11958 - - + + 37 53 67Trend Reversal

Up 2018

1934/09/01 9260 9410 8570 9250 + 7427 8748 10066 11865 * - + + 31 40 60NEUTRAL

2066

1934/10/01 9220 9640 8980 9340 + 7423 8762 9929 11857 * - * + 29 32 53Moving Higher

2624

1934/11/01 9340 10350 9280 10290 + 7510 8784 9879 11996 + * * + 41 33 48Pushing Higher

545

1934/12/01 10280 10450 9890 10400 + 7544 9070 9923 12052 + * * + 51 40 47Moving Higher

584

1935/01/01 10400 10670 9950 10170 - 7563 9334 10003 12081 + + * + 59 50 48

VERY

STRONG

1908

1935/02/01 10170 10830 10000 10240 - 7534 9620 10130 12036 + + + + 66 58 51 RALLY 1609

1935/03/01 10240 10360 9600 10080 + 7518 9744 10244 12010 * + * + 67 64 54TEMP LOW

1621

1935/04/01 10080 11150 9980 10950 + 7573 9884 10493 12097 + + + + 72 68 57

VERY

STRONG

1602

1935/05/01 10950 11760 10780 11060 - 7632 10062 10796 12192 + + + + 77 72 61 RALLY 1609

1935/06/01 11020 12130 11020 11840 + 7777 10276 11050 12423 + + + + 84 77 65

VERY

STRONG1602

1935/07/01 11820 12700 11780 12620 + 7957 10632 11371 12711 + + + + 91 84 70

VERY

STRONG

1602

1935/08/01 12620 13000 12430 12740 + 8190 11198 11704 13082 + + + + 91 88 74Pressing Higher

1122

1935/09/01 12790 13530 12640 13190 + 8421 11730 12090 13451 + + + + 94 92 78

VERY

STRONG

1602

1935/10/01

VERY

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1935/10/01

13190 14210 12700 13970 + 8700 12114 12640 13898 + + + + 95 93 81 STRONG1602

1935/11/01 14010 14940 14000 14230 - 8990 12710 13181 14360 + + + + 92 93 84 Temp High

1462

1935/12/01 14240 14510 13830 14410 + 9234 13120 13574 14750 + + + + 91 92 85Temp Low

1471

1936/01/01 14410 15000 14160 14950 + 9503 13466 13984 15181 + + + + 93 92 87BULLISH

1714

1936/02/01 14960 15570 14830 15250 + 9804 13904 14394 15662 + + + + 93 92 88Bullish ForNow 1114

1936/03/01 15220 15990 14970 15630 + 10124 14358 14821 16172 + + + + 95 93 89

VERY

STRONG

1602

1936/04/01 15700 16310 14150 14570 - 10390 14388 15219 16596 + + + + 90 92 89SPIKE LOW

1466

1936/05/01 14570 15360 14420 15260 + 10645 14506 15383 17005 + + + + 86 90 89WARNING

Retest Support

1812

1936/06/01 15260 16120 14850 15770 + 10924 14644 15551 17450 + + + + 84 86 88New Highs

Possible 2303

1936/07/01 15770 16820 15490 16490 + 11200 14776 15881 17890 + + + + 84 84 87 Reaction 309

1936/08/01 16540 17020 16050 16630 + 11437 14992 16170 18269 + + + + 89 85 86Moving Higher

584

1936/09/01 16630 17070 16480 16780 + 11676 15458 16384 18652 + + + + 92 88 87

FINAL

RALLY

STAGE 1900

1936/10/01 16780 17840 16750 17720 + 11944 15924 16649 19080 + + + + 94 91 88

VERY

STRONG

1602

1936/11/01 17720 18640 17540 18320 + 12202 16462 16981 19492 + + + + 94 93 89Pressing Higher

1122

1936/12/01 18320 18360 17530 17990 + 12425 16870 17410 19847 + + + + 93 93 90Still Above

Support 1418

1937/01/01 17840 18780 17700 18470 + 12665 17200 17790 20231 + + + + 93 93 90Bullish For

Now 1114

1937/02/01 18570 19140 18490 18720 - 12888 17602 18121 20588 + + + + 91 92 90Temp High

1462

1937/03/01

18730 19560 17930 18640 - 13089 17838 18484 20909 * + + + 88 90 90

Possible

MAJORHIGH 732

1937/04/01 18640 18660 16880 17430 - 13196 17706 18711 21080 - + + + 82 87 89Further Decline

Likely 2613

1937/05/01 17440 17690 16620 17470 + 13368 17524 18690 21354 - + + + 73 81 86

IMPORTANT

Reaction Low

2610

1937/06/01 17270 17540 16330 16930 - 13467 17250 18533 21511 - * + + 62 72 82Further Decline

Likely 2055

16930 18520 16910 18400 + 13623 16934 18556 21761 * * + + 59 64 77Pushing Higher

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1937/07/01 16930 18520 16910 18400 + 13623 16934 18556 21761 * * + + 59 64 77Pushing Higher

2609

1937/08/01 18560 18990 17510 17740 - 13697 16850 18586 21879 * * + + 56 59 72Rally Possible

2047

1937/09/01 17610 17610 14620 15460 - 13627 16398 18367 21769 - - + + 44 53 67Moving Lower

2621

1937/10/01 15460 15510 11580 13850 + 13453 15390 17789 21491 - - - - 38 46 61New Lows

Likey 2078

1937/11/01 13700 13700 11250 12350 - 13135 14374 17080 20983 - - - - 24 35 54Pressing Lower

2053

1937/12/01 12350 13120 11770 12090 - 12767 13346 16427 20393 - - - - 17 26 47Still Bearish

2099

1938/01/01 12090 13500 11890 12190 - 12423 12222 15850 19845 - - - - 16 19 40New Lows

Likey 2022

1938/02/01 12270 13290 11710 12960 + 12097 11640 15103 19323 * - - - 14 15 34

New LowsLikely After

Minor

Reaction 2006

1938/03/01 12960 13100 9750 9900 - 11575 11274 14261 18489 - - - - 10 13 29Moving Lower

2091

1938/04/01 10100 12150 10100 11170 + 11132 11044 13481 17782 - - - - 12 12 25STILL

BEARISH 534

1938/05/01 11130 12030 10640 10770 - 10738 10818 12984 17152 - - - - 12 11 21

Possible

MAJOR

HIGH 330

1938/06/01 10770 13820 10760 13390 + 10496 10592 13001 16766 + * - - 17 13 19Moving Higher

584

1938/07/01 13390 14630 13350 14120 + 10330 10920 13217 16500 + + - - 28 19 19

Caution

Reaching

Resistance 813

1938/08/01 14100 14590 13540 13930 - 10065 11678 13373 16077 + + - - 36 27 21MOVING

LOWER 1630

1938/09/01 13930 14340 12790 14150 + 9852 12216 13523 15738 + + - - 47 37 25Temp Low

1600

1938/10/01 14310 15540 14260 15170 + 9834 12940 13871 15710 + + - - 57 46 30Turning UP

1626

1938/11/01 15170 15890 14520 14980 - 9901 13692 14406 15817 + + - - 66 56 37MOVING

LOWER 1630

1938/12/01 14980 15490 14640 15440 + 10085 13950 14900 16109 + + - - 80 67 44Holding

Support 1611

1939/01/01 15480 15550 13610 14380 - 10220 13964 15147 16326 + + - - 87 77 52Turning Down

1615

1939/02/01 14350 14820 14190 14730 + 10370 14244 15174 16566 * + * - 84 83 59BULLISH

1454

1939/03/01 14730 15270 13140 13180 - 10383 14020 15271 16587 - - * - 76 82 64Caution High

Volatility 1452

1939/04/01 13280 13560 12000 12840 + 10558 13516 15160 16866 - - * - 65 75 66ReTesting

Support 1810

1939/05/01 12850 13920 12750 13820 + 10715 13138 14929 17115 * * + - 61 67 65 Stabilizing 1802

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1939/06/01 13740 14080 12900 13060 - 10851 12996 14670 17333 - - * - 52 59 63CRASH

MODE 2305

1939/07/01 13170 14570 13120 14330 + 10906 12782 14539 17422 * - + - 53 55 61Moving Higher

590

1939/08/01 14330 14580 12860 13440 - 10866 12726 14400 17358 * - + - 51 52 58Pressing Lower

2053

1939/09/01 13440 15780 12750 15020 + 10930 12876 14537 17460 + * + * 54 52 57Pushing Higher

545

1939/10/01 15240 15600 14870 15190 - 10992 13300 14584 17558 + + + + 64 56 57 Caution 565

1939/11/01 15190 15320 14490 14570 - 10956 13618 14836 17502 * * * + 66 61 58Pressing Lower

1915

1939/12/01 14570 15070 14550 15000 + 10958 13904 15000 17504 + + + + 76 68 61Holding

Support 1611

1940/01/01 15050 15330 14310 14530 - 10904 14194 15179 17418 * + + + 74 72 63Caution High

Volatility 1452

1940/02/01 14530 15000 14470 14650 - 10920 14538 15240 17444 - + * + 71 73 65 Stabilizing 1437

1940/03/01 14650 14950 14510 14750 + 10921 14466 15293 17445 * + * + 72 72 66BULLISH

2212

1940/04/01 14800 15210 14590 14840 - 11019 14486 15211 17603 * + * + 71 71 67 Caution 1448

1940/05/01 14810 14870 11050 11620 - 10947 13786 15107 17487 - - - * 55 66 66Further Decline

Likely 612

1940/06/01 11570 12530 11040 12210 + 10852 13132 14709 17334 - - - - 43 56 63

Temp Low

Short-Cover

Reaction 2008

1940/07/01 12180 12720 12010 12610 + 10825 12640 14373 17291 - - - - 34 44 57

Retest

Resistance

2601

1940/08/01 12610 12920 12090 12890 + 10740 12156 14029 17156 - - * * 27 34 51Bullish Reaction

2017

1940/09/01 12940 13550 12720 13260 + 10729 11782 13821 17139 * - * - 36 32 46Potential High

Close 588

1940/10/01 13300 13590 12950 13460 + 10637 12162 13627 16991 + - * - 43 35 44Moving Higher

584

1940/11/01 13460 13880 12910 13000 - 10507 12536 13437 16783 + - - - 46 41 43Important

High 583

1940/12/01 13100 13300 12780 13110 + 10420 12690 13213 16646 + - * - 48 45 44

Possible

SPIKE HIGH

1917

1941/01/01 13110 13430 12390 12410 - 10267 12750 13341 16401 - * - - 45 46 44Caution High

Volatility 1452

1941/02/01 12330 12530 11740 12200 + 10129 12554 13314 16181 - * - - 38 43 43CAUTION

ADVISED 613

1941/03/01 12170 12440 12000 12270 + 9988 12364 13246 15956 - * - * 34 39 42Turning UP

2623

1941/04/01 12290 12530 11530 11550 - 9798 12088 13100 15652 - - - - 25 32 39

POSSIBLE

DECLINE

2040

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2040

1941/05/01 11550 11850 11480 11620 - 9608 11828 12851 15348 - - - - 21 26 35New Lows

Likey 2022

1941/06/01 11580 12510 11550 12310 + 9649 11660 12656 15413 * - - - 24 23 32Turning Back

Up 519

1941/07/01 12310 13110 12250 12880 + 9688 11762 12629 15476 + - - * 28 24 30Moving Higher

584

1941/08/01 12870 12870 12470 12740 + 9696 11856 12549 15488 + - - - 39 30 30ReTesting

Support 2100

1941/09/01 12780 13000 12530 12680 - 9684 12056 12616 15468 + * * - 51 39 33

CAUTION

1624

1941/10/01 12680 12720 11740 11780 - 9596 12108 12656 15328 * * * - 43 44 35

Turning

BEARISH

1427

1941/11/01 11810 12030 11410 11470 - 9478 12080 12584 15140 - - - - 29 41 36Decline Likely

1805

1941/12/01 11420 11750 10550 11100 - 9366 11740 12570 14960 - - - - 21 31 34Moving Lower

2087

1942/01/01 11100 11500 10830 10940 - 9237 11412 12426 14755 - - - - 12 20 30Still Bearish

2099

1942/02/01 10910 11100 10470 10660 - 9134 11000 12139 14590 - - - - 11 14 26Moving Lower

2091

1942/03/01 10650 10720 9830 9950 - 9000 10618 11831 14376 - - - - 11 11 22Currently

Bearish 335

1942/04/01 9950 10280 9270 9540 - 8838 10190 11443 14118 - - - - 8 10 19

Further

Decline StillPossible 2312

1942/05/01 9540 10150 9510 10090 + 8752 9982 11076 13980 - - - - 10 9 16STILL

BEARISH 534

1942/06/01 10100 10660 10090 10330 - 8676 9834 10880 13858 - - - - 15 11 15Still Bearish

532

1942/07/01 10330 10950 10230 10570 - 8572 9786 10766 13694 * - - - 22 15 15Short-Cover

Reaction 2103

1942/08/01 10590 10790 10450 10630 + 8439 9910 10664 13481 + * - - 30 22 17Holding

Support 1611

1942/09/01 10630 11000 10560 10910 + 8331 10168 10650 13307 + * - - 35 29 20Turning UP

1626

1942/10/01 10920 11600 10920 11350 + 8252 10450 10776 13182 + + - - 43 36 24Turning UP

1626

1942/11/01 11410 11820 11350 11450 - 8233 10702 10996 13151 + + - - 53 43 29 RALLY 1610

1942/12/01 11450 12020 11410 11940 + 8261 10938 11263 13195 + + - - 68 54 35Turning UP

1626

1943/01/01 11990 12570 11880 12540 + 8345 11224 11536 13331 + + * + 83 68 44BULLISH

1638

1943/02/01 12560 13040 12470 12970 + 8466 11606 11834 13524 + + + + 94 81 53

VERY

STRONG

1602

Page 9: Dow Jones Industrials - Armstrong Economics...1932/08/01 5430 7700 5240 7320 + 6004 4700 7100 9590 ** - - 10 4 4 Short-Cover Reaction 2103 1932/09/01 7320 8140 6430 7160 - 5602 4878

11/11/13 P$

file:///C:/PEI/INDEX/DJIND-M.HTM 9/47

1943/03/01 13010 13720 12790 13660 + 8643 11980 12253 13807 + + + + 98 91 62VERY

STRONG

1602

1943/04/01 13660 13750 12980 13550 + 8857 12306 12646 14147 + + + + 98 96 70Pressing Higher

1123

1943/05/01 13620 14160 13610 14120 + 9128 12746 13011 14582 + + + + 98 98 76Pressing Higher

1121

1943/06/01 14210 14370 13810 14340 + 9380 13132 13376 14984 + + + + 98 98 81Bullish For

Now 1114

1943/07/01 14340 14640 13670 13730 - 9581 13372 13750 15305 + + + + 93 96 84Further Decline

Likely 1412

1943/08/01 13600 13880 13390 13660 + 9764 13492 13937 15598 * + + + 89 93 86Temp Low

1468

1943/09/01 13670 14250 13640 14010 + 9965 13624 14110 15917 * + + + 85 89 86

New highs will

be

Unsustainable

1829

1943/10/01 14010 14060 13590 13830 + 10137 13620 14159 16193 * + + + 80 84 85Moving Lower

2072

1943/11/01 13830 13900 12890 12960 - 10233 13436 14180 16345 - * + + 73 79 83Moving Lower

2091

1943/12/01 12980 13670 12980 13590 + 10360 13298 14110 16548 * * + + 71 74 80Turning UP

2623

1944/01/01 13590 13890 13550 13720 * 10465 13330 14041 16717 * * + + 66 70 77Moving Higher

2624

1944/02/01 13720 13770 13410 13630 + 10530 13284 13917 16820 * - + + 59 65 74New Lows

Likey 2078

1944/03/01 13630 14140 13590 13880 + 10584 13284 13954 16906 * * + + 63 62 71Turning Back

Up 519

1944/04/01 13870 13950 13480 13620 - 10581 13402 13911 16903 * * + + 57 59 68Further Decline

Likely 2055

1944/05/01 13620 14240 13620 14220 + 10621 13530 13937 16965 + * + + 57 59 66 STRONG 321

1944/06/01 14220 14920 14090 14840 + 10663 13638 14083 17033 + + + + 69 61 65Moving Higher

584

1944/07/01 14850 15090 14530 14610 - 10679 13862 14286 17059 + + + + 74 66 65

VERY

STRONG

1908

1944/08/01 14610 14930 14450 14700 + 10737 14034 14434 17151 + + + + 83 75 68Temp Low

1600

1944/09/01 14700 14750 14250 14630 + 10794 14188 14574 17242 + + + + 84 80 71TEMP LOW

1621

1944/10/01 14670 14920 14530 14650 - 10832 14370 14686 17304 * + + + 80 82 73Bullish Volatile

1433

1944/11/01 14650 14840 14520 14730 + 10885 14456 14813 17389 * + + + 81 81 75BULLISH

2212

1944/12/01 14730 15280 14680 15190 + 11017 14486 14961 17599 + + + + 85 82 76

VERY

STRONG

1602

Page 10: Dow Jones Industrials - Armstrong Economics...1932/08/01 5430 7700 5240 7320 + 6004 4700 7100 9590 ** - - 10 4 4 Short-Cover Reaction 2103 1932/09/01 7320 8140 6430 7160 - 5602 4878

11/11/13 P$

file:///C:/PEI/INDEX/DJIND-M.HTM 10/47

1945/01/01 15230 15670 15050 15370 + 11123 14606 15069 17767 + + + + 87 84 78

VERY

STRONG

1602

1945/02/01 15370 16090 15320 16040 + 11260 14820 15211 17988 + + + + 92 88 80

VERY

STRONG

1602

1945/03/01 16040 16220 15170 15410 - 11366 14948 15396 18156 + + + + 87 88 82SPIKE LOW

1458

1945/04/01 15450 16570 15450 16540 + 11523 15134 15656 18407 + + + + 89 89 83

BULLISH

UPTREND2202

1945/05/01 16540 16950 16260 16830 + 11713 15450 15946 18711 + + + + 91 89 84BULLISH

1714

1945/06/01 16830 16960 16380 16460 - 11846 15716 16249 18924 + + + + 88 89 85BULLISH

1453

1945/07/01 16540 16780 16000 16290 - 11932 15852 16463 19060 + + + + 89 89 86BULLISH

2212

1945/08/01 16290 17450 16110 17430 + 12099 16040 16717 19327 + + + + 89 88 86Temp High

1142

1945/09/01 17430 18080 17320 18010 + 12295 16414 17001 19641 + + + + 90 89 87

VERY

STRONG

1602

1945/10/01 18190 18760 18190 18660 + 12534 16800 17364 20022 + + + + 94 91 88

VERY

STRONG1602

1945/11/01 18700 19300 18640 19150 + 12800 17252 17754 20448 + + + + 98 94 89

VERY

STRONG

1602

1945/12/01 19240 19660 18750 19290 + 13071 17802 18141 20879 + + + + 96 96 91Still STRONG

1434

1946/01/01 19270 20660 18980 20470 + 13383 18376 18670 21379 + + + + 96 96 92Bullish For

Now 1114

1946/02/01 20470 20750 18410 19010 - 13599 18594 19237 21723 + + + + 88 93 92Holding

Support 1806

1946/03/01 19010 20190 18680 19960 + 13831 18692 19629 22093 + + + + 86 90 91Bullish Rally

2002

1946/04/01 19980 20940 19850 20680 + 14143 18934 20037 22593 + + + + 87 87 90 Moving Higher

582

1946/05/01 20660 21340 19930 21230 + 14421 19170 20406 23035 + + + + 87 86 89

Possible

Important

High 348

1946/06/01 21230 21250 19900 20560 - 14642 19354 20684 23388 * + + + 91 88 89Turning

BEARISH 587

1946/07/01 20580 20860 19430 20160 + 14861 19558 20856 23739 * + + + 89 89 89COLLAPSE

LIKELY 818

1946/08/01 20160 20500 18730 18920 - 15017 19568 20833 23987 - * + + 79 86 88Further Decline

Likely 2620

18820 18820 16410 17240 - 15006 18880 20557 23970 - - + + 59 75 84Moving Lower

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11/11/13 P$

file:///C:/PEI/INDEX/DJIND-M.HTM 11/47

1946/09/01 18820 18820 16410 17240 - 15006 18880 20557 23970 - - + + 59 75 84Moving Lower

2621

1946/10/01 17240 17710 16050 16920 + 14941 18104 20203 23867 - - * + 42 60 77

Possible

Important Low

2622

1946/11/01 16950 17580 16230 16980 + 14842 17370 19723 23708 - - + + 26 42 67Turning UP

2623

1946/12/01 16910 17860 16620 17720 + 14757 16808 19226 23573 - - + + 21 29 57Reaction Rally

2026

1947/01/01 17720 18130 17010 18040 + 14682 16464 18780 23454 * - * + 26 24 49Potential High

Close 588

1947/02/01 18090 18500 17630 17890 - 14530 16708 18443 23210 + - - + 30 25 43Temp High

502

1947/03/01 17930 18250 17190 17720 * 14454 16936 18121 23088 + - - + 34 30 40Under Pressure

588

1947/04/01 17720 17830 16540 17060 - 14282 16998 17980 22814 * - - + 31 31 38Moving Lower

2091

1947/05/01 17060 17510 16140 16930 + 14059 16902 17951 22459 - * - * 26 30 36Possible Temp

Low 2320

1947/06/01 16870 17810 16740 17730 + 13852 16848 17984 22128 * + - + 25 27 33Pushing Higher

2609

1947/07/01 17750 18770 17750 18320 + 13720 16872 18114 21916 + + - + 28 26 31Pushing Higher

545

1947/08/01 18320 18440 17650 17890 - 13585 16964 18159 21701 + + - * 34 29 31Turning

BEARISH 587

1947/09/01 17890 18060 17400 17750 + 13516 17136 18096 21590 + * - - 43 35 32Testing Support

1910

1947/10/01 17750 18620 17670 18180 + 13571 17442 18149 21679 + * - - 54 43 35Turning UP

1626

1947/11/01 18250 18400 17930 17950 - 13633 17680 18230 21777 * * - - 60 52 39MOVING

LOWER 1630

1947/12/01 17940 18180 17520 18120 + 13700 17634 18326 21884 * + - - 71 61 45Possible Temp

Low 1601

1948/01/01 18120 18170 17070 17480 - 13686 17518 18377 21862 * * * - 68 66 50

Turning

BEARISH

1427

1948/02/01 17510 17610 16410 16680 - 13605 17320 18211 21733 - - * - 54 64 53BEARISH

1414

1948/03/01 16750 17760 16500 17720 + 13595 17086 18114 21717 - - + - 52 58 53 Stabilizing 1814

1948/04/01 17720 18450 17600 18050 + 13615 17020 18170 21749 * * + - 51 52 52Possible

CRASH 607

1948/05/01 18030 19230 17950 19070 + 13734 17106 18257 21938 + + + - 63 55 53BULLISH

1625

1948/06/01 19070 19450 18660 18950 - 13854 17424 18407 22130 + + + - 79 64 56MOVING

LOWER 1630

1948/07/01 18950 19240 17960 18130 - 13877 17734 18559 22167 + * * - 77 73 60New Lows

Likey 1424

New Lows

Page 12: Dow Jones Industrials - Armstrong Economics...1932/08/01 5430 7700 5240 7320 + 6004 4700 7100 9590 ** - - 10 4 4 Short-Cover Reaction 2103 1932/09/01 7320 8140 6430 7160 - 5602 4878

11/11/13 P$

file:///C:/PEI/INDEX/DJIND-M.HTM 12/47

1948/08/01 18130 18450 17740 18170 + 13868 17982 18599 22154 * * + * 73 76 64New Lows

Likey 1469

1948/09/01 18170 18560 17580 17830 - 13865 17978 18734 22147 - * + + 61 70 64Holding

Support 1806

1948/10/01 17830 19090 17820 18830 + 13929 17952 18924 22249 * + + + 60 64 64Moving Higher

731

1948/11/01 18860 19050 17040 17120 - 13866 17628 19010 22150 - * - * 52 57 61Moving Lower

2080

1948/12/01 17170 17920 17170 17730 + 13853 17470 18823 22129 - * * * 48 53 59Turning UP

2623

1949/01/01 17700 18250 17440 17910 + 13841 17410 18651 22109 * - * * 49 49 56 2Day Reaction

High 517

1949/02/01 17910 18090 17060 17310 - 13831 17306 18487 22093 - - - * 36 44 53Further

Decline Still

Possible 2321

1949/03/01 17340 17920 17260 17710 + 13892 17194 18411 22190 * - - * 41 42 50STILL

BEARISH 534

1949/04/01 17700 17780 17230 17410 - 13873 17232 18300 22161 * - - * 35 37 46Pressing Lower

2053

1949/05/01 17420 17720 16810 16840 - 13801 17160 18104 22047 - - - * 23 33 43 Moving Lower

2093

1949/06/01 16840 16900 16060 16740 + 13664 16884 17797 21826 - - * - 20 26 38New Lows

Likey 2627

1949/07/01 16740 17700 16690 17590 + 13583 16810 17766 21697 * * * - 22 21 34Turning Back

Up 519

1949/08/01 17590 18270 17570 17870 - 13567 16872 17769 21673 + * * * 33 25 32Pressing Higher

533

1949/09/01 17870 18410 17760 18250 + 13572 16978 17814 21680 + * * * 49 34 33BREAKOUT

MODE 1902

1949/10/01 18200 19140 18090 18950 + 13638 17234 17989 21786 + + * + 68 50 38BULLISH

1638

1949/11/01 18950 19440 18700 19160 + 13658 17762 18226 21818 + + * + 80 65 45BULLISH

1638

1949/12/01 19160 20090 19110 20050 + 13832 18246 18564 22094 + + + + 90 79 54

VERY

STRONG

1602

1950/01/01 20010 20290 19390 20180 + 13977 18610 19049 22327 + + + + 96 88 62

Losing

Momentum

1603

1950/02/01 20180 20540 20060 20340 + 14120 19070 19454 22556 + + + + 96 94 70Pressing Higher

1121

1950/03/01 20340 21120 20110 20610 - 14316 19474 19861 22868 + + + + 95 95 75

Temp High

WARNING

New Lows

Likey 1472

1950/04/01 20640 21630 20590 21360 + 14532 19852 20321 23214 + + + + 94 95 80Temp High

1462

1950/05/01 21430 22420 21410 22340 + 14824 20312 20790 23680 + + + + 95 94 83BULLISH

1714

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11/11/13 P$

file:///C:/PEI/INDEX/DJIND-M.HTM 13/47

1714

1950/06/01 22340 22920 20600 20910 - 15065 20554 21287 24065 + + + + 88 92 85Further Decline

Likely 1412

1950/07/01 20910 21220 19540 20940 + 15314 20450 21449 24462 * + + + 83 88 85Retest Support

1816

1950/08/01 20960 22220 20960 21690 + 15557 20620 21724 24851 + + + + 79 83 84Building Base

2300

1950/09/01 21710 22820 21710 22640 + 15840 20844 22050 25302 + + + + 77 79 82Bullish Rally

2002

1950/10/01 22650 23280 22360 22500 - 16091 21034 22359 25705 * + + + 81 79 81Temp High

502

1950/11/01 22500 23660 22060 22760 - 16317 21326 22649 26065 + + + + 85 81 81Possible High

802

1950/12/01 22760 23650 22130 23540 + 16577 21844 22824 26479 + + + + 90 85 82

Retest Support

Preparing to

Breakout 1635

1951/01/01 23540 25060 23490 24880 + 16862 22350 23130 26936 + + + + 90 88 83Pressing Higher

1122

1951/02/01 24880 25710 24700 25210 + 17160 22948 23771 27412 + + + + 92 90 85VERY

STRONG

1602

1951/03/01 25210 25540 24210 24850 - 17427 23318 24246 27839 + + + + 93 91 86MOVING

LOWER 1630

1951/04/01 24780 26080 24500 25910 + 17742 23806 24711 28340 + + + + 93 92 87Pressing Higher

1122

1951/05/01 25910 26440 24190 24970 - 17955 24218 25163 28681 * + + + 88 91 88SPIKE LOW

1458

1951/06/01 24970 25520 24070 24270 - 18070 24334 25429 28864 - + + + 82 87 87Possible

CRASH 1

1951/07/01 24270 26220 24110 25790 + 18358 24216 25796 29326 + + + + 84 84 86Turning Up

2309

1951/08/01 25790 27160 25680 27030 + 18719 24510 26096 29903 + + + + 84 83 85 Reaction 309

1951/09/01 27030 27750 26910 27120 - 19041 24992 26387 30415 + + + + 86 84 85Pressing Higher

533

1951/10/01 27120 27730 25640 26240 - 19254 25282 26700 30756 + + + + 88 86 85Pressing Lower

1915

1951/11/01 26240 26580 25490 26130 + 19469 25566 26771 31101 * + + + 84 86 85 Stabilizing 1825

1951/12/01 26230 27000 26170 26920 + 19716 25978 26851 31494 * + + + 80 84 84Moving Higher

731

1952/01/01 26920 27630 26630 27070 - 19925 26168 27153 31827 * + + + 78 80 83 New Highs

Possible 2303

1952/02/01 27070 27290 25740 26010 - 19992 25934 27306 31934 * + + + 75 77 81Further Decline

Likely 2055

1952/03/01 26030 27040 25900 26950 + 20095 25986 27289 32099 + + + + 77 76 80 Neutral 535

1952/04/01 26950 26980 25700 25760 - 20149 26028 27179 32185 - * + + 66 72 77Moving Lower

2051

1952/05/01 25740 26520 25470 26290 + 20171 25888 27006 32221 - - + + 59 67 74

Temp Low

Short-Cover

Reaction 2008

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11/11/13 P$

file:///C:/PEI/INDEX/DJIND-M.HTM 14/47

Reaction 2008

1952/06/01 26290 27500 26080 27430 + 20316 25778 27137 32454 + * + + 69 64 71Pushing Higher

544

1952/07/01 27430 28030 27170 27960 + 20535 26064 27284 32803 + + + + 74 67 70Moving Higher

584

1952/08/01 27960 28150 27230 27500 - 20637 26330 27359 32965 + + + + 82 75 72

VERY

STRONG

1908

1952/09/01 27510 27820 26710 27060 - 20638 26532 27434 32968 + * + + 84 80 74Turning Down

1615

1952/10/01 27060 27240 26200 26920 + 20627 26678 27463 32949 * * + + 75 80 75Temp Low

1468

1952/11/01 26920 28470 26880 28370 + 20753 26838 27676 33151 + + + + 72 77 75 Caution 1818

1952/12/01 28370 29350 28070 29190 + 20934 27018 28080 33440 + + + + 79 75 75 Bullish 703

1953/01/01 29190 29510 28430 29000 + 21057 27258 28367 33637 + + + + 85 78 76Moving Higher

1643

1953/02/01 29000 29090 27970 28430 - 21138 27510 28519 33766 + + + + 88 84 78MOVING

LOWER 1630

1953/03/01 28430 29200 27760 27990 - 21255 27822 28669 33953 * * + + 80 84 79REACTION

HIGH 1408

1953/04/01 27990 28180 26930 27480 - 21287 27832 28720 34003 - * + + 68 78 78

TURNING

BEARISH

601

1953/05/01 27480 28000 27070 27230 - 21374 27632 28829 34142 - * * + 57 68 75

Possible

CRASH

MODE

Forming 2302

1953/06/01 27230 27260 26080 26830 + 21405 27162 28656 34193 - * * + 45 56 69New Lows

Likey 2627

1953/07/01 26830 27590 26700 27540 + 21412 26908 28404 34204 - * + + 40 47 63 Pushing Higher

2609

1953/08/01 27540 27830 26080 26120 - 21303 26572 28164 34029 - - * - 28 37 56

POSSIBLE

DECLINE

2040

1953/09/01 26120 26660 25440 26400 + 21238 26274 27817 33926 - - * * 22 30 49SPIKE LOW

2007

1953/10/01 26400 27700 26250 27580 + 21269 26110 27603 33975 + - + + 31 27 44Turning Back

Up 519

1953/11/01 27580 28250 27300 28140 + 21341 26354 27613 34089 + * + + 37 30 41Pushing Higher

544

1953/12/01 28140 28520 27590 28090 + 21324 26532 27687 34064 + * * + 52 40 41Forming Base

515

1954/01/01 28090 29460 27890 29240 + 21327 26894 28001 34069 + + + + 69 52 44

Possible

SPIKE HIGH

1917

1954/02/01 29240 29540 28740 29450 + 21354 27554 28280 34110 + + + + 81 67 50 RALLY 1609

VERY

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11/11/13 P$

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1954/03/01 29450 30520 29420 30350 + 21468 28188 28664 34292 + + + + 89 79 57

VERY

STRONG

1602

1954/04/01 30350 32170 30170 31930 + 21701 28762 29451 34665 + + + + 96 88 65

VERY

STRONG

1602

1954/05/01 31930 32890 31650 32750 + 22013 29574 30193 35163 + + + + 97 94 72

VERY

STRONG

1602

1954/06/01 32750 33880 31320 33350 + 22375 30260 30997 35743 + + + + 96 96 77Still Above

Support 1418

1954/07/01 33350 34920 33070 34790 + 22847 31126 31911 36497 + + + + 97 96 81BULLISH

1714

1954/08/01 34790 35230 33320 33580 - 23205 31906 32736 37067 + + + + 93 95 84BULLISH

1453

1954/09/01 33580 36600 33500 36050 + 23793 32572 33744 38007 + + + + 93 94 86Pressing Higher

1122

1954/10/01 36050 36640 35070 35210 - 24315 33256 34619 38841 + + + + 91 92 87BULLISH

1453

1954/11/01 35210 39120 35020 38680 + 24973 33996 35611 39891 + + + + 91 91 88Pressing Higher

1122

1954/12/01 38680 40720 38180 40440 + 25701 35018 36730 41055 + + + + 94 92 89VERY

STRONG

1602

1955/01/01 40440 41250 38570 40880 + 26459 36068 37783 42265 + + + + 95 93 90

VERY

STRONG

1602

1955/02/01 40880 41660 40350 41190 + 27166 37438 38746 43396 + + + + 97 95 91 RALLY 1609

1955/03/01 41190 42180 38750 40970 + 27849 38174 39739 44485 + + + + 96 96 92Possible

MAJOR Low

1463

1955/04/01 40980 43280 40980 42570 + 28572 39366 40693 45642 + + + + 95 96 93Temp High

1462

1955/05/01 42570 42830 41260 42490 + 29198 39982 41577 46640 + + + + 94 95 93Still STRONG

1434

1955/06/01 42490 45350 42250 45140 + 29931 40718 42467 47813 + + + + 94 94 93Temp High

1142

1955/07/01 45140 47170 44950 46590 + 30716 41638 43389 49066 + + + + 96 94 93BULLISH

1714

1955/08/01 46590 46950 44570 46820 + 31428 42802 44203 50204 + + + + 96 95 93Maybe Topping

Out 1140

1955/09/01 46820 48990 44670 46660 - 32203 43540 45250 51441 + + + + 94 95 93Temp High

1462

1955/10/01 46540 46540 43320 45490 + 32762 43952 45873 52334 + + + + 88 92 92 Possible Low 2

1955/11/01 45490 49080 45210 48330 + 33540 44544 46701 53576 + + + + 88 90 91Reaction High

2316

1955/12/01 48330 49060 47830 48840 + 34141 45120 47591 54537 + + + + 87 87 90Bullish Rally

2002

1956/01/01 48840 49090 45820 47070 - 34534 45370 48126 55164 * + + + 87 87 89HOLDING

SUPPORT 323

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file:///C:/PEI/INDEX/DJIND-M.HTM 16/47

1956/01/01 48840 49090 45820 47070 - 34534 45370 48126 55164 * + + + 87 87 89SUPPORT 323

1956/02/01 47070 49110 46390 48370 + 34977 45714 48403 55873 + + + + 92 88 89Moving Higher

584

1956/03/01 48370 51590 48360 51180 + 35569 46722 49066 56819 + + + + 92 90 89Moving

Higher 1919

1956/04/01 51180 52440 50100 51610 + 36199 47700 49559 57825 + + + + 91 91 89Still STRONG

1434

1956/05/01 51610 51980 46390 47810 - 36510 47412 50336 58320 * * + + 86 89 89Reaction Low

729

1956/06/01 47810 49480 46800 49280 + 36912 47608 50393 58964 + + + + 80 85 87Bullish Rally

2002

1956/07/01 49280 52000 48840 51780 + 37305 48098 50813 59591 + + + + 78 81 85Bullish Rally

2002

1956/08/01 51780 52330 49220 50200 - 37519 48270 51276 59933 * + + + 73 77 83Still Bearish

2099

1956/09/01 50200 51270 47420 47530 - 37561 47734 51584 60001 * * + + 71 74 80Moving Lower

2097

1956/10/01 47530 49410 46380 47990 + 37640 47732 51273 60126 * * + + 66 70 77

Temp Low

Short-Cover

Reaction 2008

1956/11/01 48020 50050 46040 47280 - 37746 47580 50931 60296 - - + + 52 63 73New Highs Still

Possible 2605

1956/12/01 47430 50160 47430 49950 + 37842 47298 50671 60448 * - + + 47 55 68Turning UP

2623

1957/01/01 49950 50260 47110 47920 - 37788 46876 50783 60362 * * * + 44 47 62New Highs Still

Possible 2605

1957/02/01 47920 47980 45310 46460 - 37752 46454 50209 60304 * - * + 34 41 57Moving Lower

2091

1957/03/01 46460 47760 46340 47480 + 37698 46446 49556 60220 * - * + 35 37 52 Neutral 535

1957/04/01 47480 49720 47310 49440 + 37595 46700 49334 60055 * * + + 34 34 47Bullish Reaction

2017

1957/05/01 49440 50890 49230 50490 + 37529 47060 49546 59949 + * + + 44 37 45Moving Higher

584

1957/06/01 50490 51680 49290 50330 - 37678 47496 49779 60188 + + + + 58 45 45CAUTION

808

1957/07/01 50330 52310 50080 50850 - 37772 48450 50086 60336 + + * + 70 57 49BREAKOUT

MODE 1632

1957/08/01 50850 51000 46900 48440 - 37574 48562 50191 60020 * * - * 67 65 53

Turning

BEARISH

1427

1957/09/01 48440 48760 45220 45630 - 37303 48144 50303 59587 - - - * 50 62 54Decline Likely

1805

1957/10/01 45630 46820 41620 44100 - 37100 46622 50169 59264 - - - - 36 51 52Moving Lower

2087

1957/11/01 43880 45250 42550 44990 + 36922 45274 49530 58980 - - - - 26 37 47Moving Higher

2624

1957/12/01 44990 45220 42390 43570 - 36702 43736 48720 58628 - - - - 21 27 42Pressing Lower

2053

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2053

1958/01/01 43570 45360 43440 45000 + 36409 43044 47817 58161 - - - - 26 24 37 Reaction High

518

1958/02/01 45000 45980 43400 43990 - 36176 42680 46913 57788 * - - - 26 24 34Short

Covering 331

1958/03/01 43990 45730 43920 44680 - 36071 43140 46160 57619 * - - - 25 25 32Reaction Rally

2026

1958/04/01 44680 45830 43730 45590 + 35959 43376 45741 57441 + - - - 30 27 31Moving Higher

584

1958/05/01 45590 46530 45380 46270 + 35771 43974 45700 57141 + * - - 33 29 30Moving Higher

584

1958/06/01 46270 48210 46270 47820 + 35613 44540 46123 56889 + + * - 42 35 32

Possible

SPIKE HIGH

1917

1958/07/01 47820 50840 47210 50300 + 35611 45302 46926 56885 + + + * 55 43 35BULLISH

1638

1958/08/01 50300 51440 49980 50860 + 35612 46514 47794 56886 + + + * 69 55 40BULLISH

1638

1958/09/01 50860 53500 50840 53210 + 35894 47936 48869 57338 + + + + 83 69 48

VERY

STRONG

1602

1958/10/01 53210 54970 52770 54320 + 36409 49414 50189 58161 + + + + 92 81 56

VERY

STRONG

1602

1958/11/01 54320 57210 53840 55750 + 37099 50928 51814 59263 + + + + 94 89 64

VERY

STRONG

1602

1958/12/01 55750 58740 55370 58370 + 37892 52560 53559 60528 + + + + 95 93 71

VERY

STRONG

1602

1959/01/01 58370 60170 58050 59400 + 38830 54174 55267 62026 + + + + 95 94 76Pressing Higher

1122

1959/02/01 59400 60760 57170 60350 + 39738 55440 56684 63478 + + + + 95 95 80Pressing Higher

1122

1959/03/01 60350 61880 59920 60170 - 40697 56870 58176 65009 + + + + 95 95 83Caution Temp

High 1136

1959/04/01 60170 63530 59970 62380 + 41746 58096 59609 66684 + + + + 94 94 85Temp High

1462

1959/05/01 62380 64720 61170 64380 + 42858 59256 61001 68462 + + + + 95 94 87BULLISH

1714

1959/06/01 64380 64870 61310 64360 + 43930 59908 62096 70174 + + + + 95 94 88In Topping

Process 1116

1959/07/01 64360 67870 64360 67490 + 45095 61346 63400 72035 + + + + 97 95 90

VERY

STRONG

1602

1959/08/01 67490 68390 63930 66440 + 46051 62148 64574 73561 + + + + 96 96 91

Possible

MAJOR Low

1463

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1959/09/01 66440 66500 61330 63170 - 46780 62420 65394 74726 * + + + 89 94 91Holding

Support 1806

1959/10/01 63170 64940 62460 64660 + 47458 62678 65831 75810 * + + + 84 89 90Turning Back

Up 2317

1959/11/01 64660 66120 63100 65920 + 48145 63036 66201 76907 * + + + 80 84 88Reaction Rally

2026

1959/12/01 66000 68270 65850 67940 + 48867 63334 66709 78061 * + + + 80 81 86 Reaction 309

1960/01/01 67940 68820 61950 62260 - 49098 62938 67273 78428 * * + + 76 78 84

POSSIBLE

DECLINE

2040

1960/02/01 62260 64030 60330 63010 + 49312 62738 66724 78770 * * + + 70 75 81

Temp Low

Short-Cover

Reaction 2008

1960/03/01 63010 63270 59620 61660 + 49389 62170 65993 78895 - - + + 56 67 77

Possible

Important Low

2622

1960/04/01 61660 63720 59840 60170 - 49389 61518 65596 78895 - - + + 32 52 70Still Bearish

2099

1960/05/01 60170 63140 59660 62550 + 49399 60280 65339 78911 * * + + 29 39 62SPIKE LOW

2007

1960/06/01 62550 66360 62060 64060 - 49380 60302 65373 78880 + * + + 27 29 53Pushing Higher

2609

1960/07/01 64060 65010 59730 61670 - 49221 60182 64907 78625 * - * + 27 27 47 Bearish 336

1960/08/01 61670 64530 60030 62600 + 48931 60264 64294 78163 * - * + 34 29 43 Neutral 535

1960/09/01 62600 63100 56550 58010 - 48431 59606 64161 77365 - - - + 27 29 39

Further

Decline Still

Possible 2321

1960/10/01 58010 60000 56420 58040 - 48128 58958 63694 76880 - - - + 19 26 36New Lows

Likey 2023

1960/11/01 58040 61410 57940 59720 + 47835 58134 63364 76413 - * - + 20 22 32 Reaction High

520

1960/12/01 59720 62130 58980 61590 + 47579 57984 63220 76003 * * - + 23 20 29Moving Higher

590

1961/01/01 60610 65520 60610 64820 + 47394 58100 63100 75708 + + * + 37 26 29Pushing Higher

544

1961/02/01 64820 66700 63280 66210 + 47628 59446 63341 76082 + * + + 56 38 32BREAKOUT

MODE 1902

1961/03/01 66210 68530 65640 67660 + 47903 61290 63913 76521 + + + + 73 55 38

VERY

STRONG

1602

1961/04/01 67660 70080 67160 67870 - 48271 63134 64910 77109 + + * + 84 71 47 RALLY 1610

1961/05/01 67870 71470 67300 69670 + 48834 64798 66549 78008 + + + + 89 82 55 RALLY 1609

1961/06/01 69670 70890 67350 68400 - 49181 66146 67903 78561 + + + + 86 86 62Bullish Volatile

1499

1961/07/01 68400 70980 67480 70540 + 49564 66986 69167 79174 + + + + 86 87 68Pressing Higher

1122

BULLISH

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1961/08/01 70540 73020 70220 71990 + 50176 67902 70239 80150 + + + + 89 87 72BULLISH

1714

1961/09/01 71990 73350 68890 70120 - 50621 68248 71189 80863 * + + + 87 87 75Caution High

Volatility 1452

1961/10/01 70120 71410 69310 70390 + 51354 68650 71600 82034 * + + + 88 88 78BULLISH

2212

1961/11/01 70390 74130 70010 72160 + 52191 69182 72179 83369 + + + + 86 87 80Temp High

1462

1961/12/01 72160 73990 71460 73110 + 52984 69978 72539 84636 + + + + 86 86 81 Stable 1132

1962/01/01 73110 73440 68690 70000 - 53482 69672 72903 85432 * * + + 84 85 82Retest Support

1420

1962/02/01 70000 72140 69610 70810 - 53837 69816 73069 85999 * * + + 81 83 82CAUTION

1820

1962/03/01 70810 72710 70330 70700 - 54103 70020 73024 86423 * * + + 75 80 81CRASH

MODE 2305

1962/04/01 70700 70970 66150 66530 - 54036 69248 72684 86316 - - + + 55 70 77Temp Low

2096

1962/05/01 66530 67920 55380 61340 - 53649 66032 72186 85699 - - * - 41 57 71Moving Lower

2091

1962/06/01

61340 61650 52460 56130 - 52847 62786 70403 84417 - - - - 26 40 62

Pressing Lower

2053

1962/07/01 56130 60120 55730 59790 + 52337 60010 68421 83603 - - - - 25 30 54Trend Reversal

Up 2018

1962/08/01 59760 62200 58210 60920 + 51767 57586 66816 82693 - - - * 30 27 472Day Reaction

High 517

1962/09/01 60920 61240 57220 57900 - 50932 55800 65259 81360 * - - * 29 28 43Moving Lower

2097

1962/10/01 57900 59480 54970 58980 + 50273 55718 63369 80305 * - - * 32 30 40 Temp Low 575

1962/11/01 58980 65600 58270 64930 + 49949 56880 62601 79789 + - - + 38 33 38Moving Higher

584

1962/12/01 64930 65880 63690 65210 + 49538 58472 62310 79132 + - - * 43 37 38Moving Higher

584

1963/01/01 65210 68690 64360 68290 + 49252 59702 63316 78676 + + - + 55 45 40

Possible

SPIKE HIGH

1917

1963/02/01 68290 69430 66130 66290 - 49032 61484 64646 78324 + + - * 65 54 44MOVING

LOWER 1630

1963/03/01 66290 68740 65670 68250 + 48881 63624 65580 78083 + + - * 70 63 49Temp Low

1600

1963/04/01 68250 72190 68060 71770 + 48944 65582 67144 78184 + + * + 80 71 54BULLISH

1638

1963/05/01 71770 73040 70820 72700 + 49309 67008 69081 78767 + + * + 86 78 60BULLISH

1638

1963/06/01 72700 73300 70240 70690 - 49864 68184 70181 79652 + + * * 90 85 66

Possible

Reaction High

1612

1963/07/01 70690 71900 68440 69540 - 50658 68646 71041 80920 + + - - 91 89 71Turning Down

1615

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1615

1963/08/01 69540 73170 69120 72930 + 51436 69336 71681 82164 + + + * 91 90 75

Possibly

Turning

BULLISH

1127

1963/09/01 72930 75300 72860 73280 - 52168 70296 72520 83334 + + + + 89 90 78Temp High

1462

1963/10/01 73280 76720 73250 75520 + 53212 70782 73660 85000 + + + + 91 90 81BULLISH

1714

1963/11/01 75520 75960 71080 75050 + 54163 70950 74199 86521 + + + + 93 91 83TEMP LOW

1621

1963/12/01 75050 77310 74680 76300 + 54837 72198 74809 87597 + + + + 92 92 85 Still STRONG

1434

1964/01/01 76300 79160 76030 78530 + 55626 73580 75646 88858 + + + + 93 92 86BULLISH

1714

1964/02/01 78530 80350 77800 80010 + 56320 74568 76853 89966 + + + + 94 93 88

VERY

STRONG

1602

1964/03/01 80010 82470 79810 81330 + 57211 75880 78181 91389 + + + + 95 94 89

VERY

STRONG

1602

1964/04/01 81330 83160 80720 81080 - 57971 77808 79304 92603 + + + + 93 94 90BULLISH

1453

1964/05/01 81080 83610 80860 82060 - 58580 79044 80289 93576 + + + + 92 93 90Temp High

1462

1964/06/01 82060 83590 79690 83150 + 59199 79776 81379 94565 + + + + 92 92 90Maybe Topping

Out 1140

1964/07/01 83150 85520 82930 84110 - 59995 80802 82551 95835 + + + + 91 91 90Temp High

1462

1964/08/01 84110 84720 82080 83850 + 60842 81256 83346 97188 + + + + 92 91 90Upward Bias

1709

1964/09/01 83850 88020 83660 87540 + 61707 81844 84441 98571 + + + + 94 92 90BULLISH

1714

1964/10/01 87540 88630 86140 87310 - 62538 82900 85321 99898 + + + + 93 93 91BULLISH

1453

1964/11/01 87310 89700 86680 87540 - 63250 84298 86256 101036 + + + + 92 93 91Temp High

1462

1964/12/01 87540 88140 85020 87410 + 63982 84716 86903 102206 + + + + 91 92 91Temp Low

1468

1965/01/01 87410 90780 86510 90290 + 64811 85602 87930 103529 + + + + 91 91 91Consolidate

722

1965/02/01 90290 91180 87750 90350 + 65511 86420 88739 104647 + + + + 91 91 91Consolidate

723

1965/03/01 90350 90790 88470 88910 - 66038 86886 89606 105490 * + + + 89 90 90Possible

CRASH 1

1965/04/01 88910 92540 88680 92230 + 66684 87286 90251 106520 + + + + 93 91 90

Turning

BULLISH

1703

1965/05/01 92230 94480 90480 91800 - 67319 88378 91087 107535 + + + + 88 90 90POSSIBLE

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1965/05/01 92230 94480 90480 91800 - 67319 88378 91087 107535 + + + + 88 90 90POSSIBLE

DECLINE 712

1965/06/01 91800 92190 83270 86800 - 67600 87730 91443 107984 - * + + 76 85 88Further Decline

Likely 2613

1965/07/01 86800 89000 85770 88170 + 67897 87334 91566 108459 - * + + 69 77 85Moving Higher

2624

1965/08/01 88170 90190 87480 89310 + 68205 87136 91481 108951 * + + + 60 68 80Bullish Reaction

2017

1965/09/01 89310 94500 88700 93060 + 68750 87140 91956 109822 * + + + 59 62 75Reaction Rally

2026

1965/10/01 93060 96750 92320 96080 + 69256 87508 92807 110630 + + + + 73 64 73Moving Higher

584

1965/11/01 96080 97000 93720 94670 - 69692 89598 93444 111326 + + + + 81 71 73Temp High

502

1965/12/01 94670 97660 92440 96930 + 70249 90932 93899 112215 + + + + 90 81 75BREAKOUT

MODE 1902

1966/01/01 96930 100060 96190 98350 + 70896 92674 95023 113250 + + + + 91 87 78

VERY

STRONG

1602

1966/02/01 98350 100110 94610 95190 - 71186 93856 96610 113714 * + + + 84 88 80Caution High

Volatility 1452

1966/03/01 95190 95520 90540 92480 - 71313 93500 97371 113915 - + + + 77 84 80

Turning

BEARISH

1803

1966/04/01 92480 96190 92180 93370 - 71577 93192 97613 114337 * + + + 69 76 78

Possible

CRASH

MODE

Forming 2302

1966/05/01 93370 93960 85910 88410 - 71351 91886 97214 113975 - - * + 54 66 74Moving Lower

2091

1966/06/01 88410 91040 85890 87010 - 71067 89826 96363 113523 - - - + 42 55 69Pressing Lower

2053

1966/07/01 87010 90120 84380 84740 - 70945 87780 95286 113327 - - - + 29 41 61Moving Lower

2091

1966/08/01 84660 86060 75950 78840 - 70392 84862 93286 112444 - - - - 16 29 53Moving Lower

2091

1966/09/01 78840 82290 76340 77420 - 69688 81694 90740 111320 - - - - 10 18 44Still Bearish

2099

1966/10/01 77420 81660 73570 80710 + 68957 79226 88760 110151 - - - - 13 13 36

FAILED

RALLY

SHARP

DECLINELIKELY 576

1966/11/01 80710 82730 78480 79160 - 67954 77744 86837 108550 - - - - 17 13 31Pressing Lower

586

1966/12/01 79160 82720 77930 78570 - 67001 76454 85231 107027 * - - - 19 16 27Forming Base

503

1967/01/01 78570 85700 77620 84990 + 66293 76788 84469 105897 + - - - 27 21 26 Temp Low 521

84990 87170 82800 83940 - 65440 78080 84047 104534 + - - - 31 25 26Temp High

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1967/02/01 84990 87170 82800 83940 - 65440 78080 84047 104534 + - - - 31 25 26Temp High

502

1967/03/01 83940 88340 83530 86600 + 64931 80072 84373 103721 + * - - 39 32 28

Possible

SPIKE HIGH

1917

1967/04/01 86600 90370 83900 89710 + 64767 81156 85527 103459 + + - - 52 40 31Turning UP

1626

1967/05/01 89710 91590 85040 85260 - 64287 82578 86946 102691 * + - * 56 49 36MOVING

LOWER 1630

1967/06/01 85260 89280 83690 86030 - 64146 83792 87881 102466 * + - * 64 57 41

Caution New

Low Possible

1642

1967/07/01 86030 91870 85320 90420 + 64347 84296 89189 102789 + + - + 72 64 47BULLISH

1625

1967/08/01 90420 93310 88780 90130 - 64667 85346 90276 103299 * + - * 75 70 52MOVING

LOWER 1630

1967/09/01 90130 95160 89420 92670 + 65486 86450 91417 104608 + + * * 84 77 58 RALLY 1610

1967/10/01 92670 94040 87620 87970 - 66111 86966 92231 105605 * + * - 82 80 63New Lows

Likey 1424

1967/11/01 87970 89490 83940 87580 + 66518 87016 92106 106256 * * * - 75 80 67Still Above

Support 1445

1967/12/01 87580 91040 86880 90510 + 67190 87328 92027 107330 * + + - 72 76 68 Caution 1448

1968/01/01 90510 92190 85050 85550 - 67604 86582 92443 107990 - * + - 61 69 68 1832

1968/02/01 85550 87130 82650 84050 - 67548 85228 91766 107902 - * + - 49 60 65Temp Low

2083

1968/03/01 84050 85430 81760 84070 + 67556 84056 90640 107914 * - + - 40 50 61Reaction Low

2606

1968/04/01 84920 91810 84920 91220 + 67829 84252 90161 108351 + * + * 37 42 56Pushing Higher

2609

1968/05/01 91220 93570 88550 89900 - 67841 84586 90094 108369 * * + * 40 39 52 Temp High

502

1968/06/01 89900 92490 89150 89780 - 68108 85406 90523 108796 + * + * 52 43 50Forming Base

503

1968/07/01 89780 93380 87700 88300 - 68243 86416 90857 109011 + * * + 60 50 50Reaction Low

815

1968/08/01 88300 90240 86330 89600 + 68194 87330 90579 108934 * * * + 57 56 52Temp Low

1471

1968/09/01 89600 94590 89260 93580 + 68398 88198 91644 109260 + + + + 64 60 54

VERY

STRONG

1602

1968/10/01 93580 97430 93290 95240 - 68551 89146 93359 109503 + + + + 71 64 56

VERY

STRONG

1602

1968/11/01 95240 98960 93650 98510 + 69175 90046 94380 110501 + + + + 84 73 61

VERY

STRONG

1602

1968/12/01 98510 99470 93670 94380 - 69578 91240 95223 111144 + + + + 85 80 65 Short-Term

High 1641

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High 1641

1969/01/01 94380 96020 91550 94610 + 69821 92284 95727 111531 + + * + 82 83 69Temp Low

1471

1969/02/01 94610 95920 89540 90520 - 70115 92340 96090 112001 - * * + 72 79 71

Turning

BEARISH

1427

1969/03/01 90520 94140 89580 93550 + 70678 91598 96647 112900 - + + + 65 73 71CAUTION

1820

1969/04/01 93550 95630 90880 95020 + 71327 91044 96796 113937 * + + + 64 67 69New Highs

Possible 2303

1969/05/01 95020 97490 92860 93760 - 71477 90882 96804 114177 * * + + 60 63 67Still Bearish

2099

1969/06/01 93760 93870 86250 87320 - 71324 89822 96077 113932 - - + * 52 58 64Moving Lower

2091

1969/07/01 87320 89390 78810 81550 - 70836 87676 94637 113154 - - - - 35 49 60Moving Lower

2091

1969/08/01 81560 84370 80060 83670 + 70562 85772 92973 112716 - - - - 24 37 53Moving Higher

2624

1969/09/01 83670 84600 80450 81310 - 70072 83686 91356 111932 - - - - 15 24 45Still Bearish

2099

1969/10/01 81310 86800 79400 85600 + 69599 80994 90307 111177 - - - * 20 19 39

Moving Higher

590

1969/11/01 85600 87180 80040 81230 - 68769 79752 89100 109851 * - - - 20 18 34Currently

Bearish 335

1969/12/01 81230 81640 76450 80040 + 67675 79280 86836 108103 - - - - 18 19 30

Further

Decline Still

Possible 2312

1970/01/01 80040 81920 73910 74410 - 66492 78050 85129 106214 - - - - 15 17 27

POSSIBLE

DECLINE

2040

1970/02/01 74410 78420 73880 77760 + 65494 76736 83561 104620 - - - - 11 14 23

Temp Low

Short-Cover

Reaction 2008

1970/03/01 77760 80330 75800 78560 + 64785 76016 82984 103489 - - - - 13 13 21Reaction High

518

1970/04/01 78560 79880 71670 73610 - 63604 74342 82310 101602 - - - - 11 11 18Temp Low

2094

1970/05/01 73610 74080 62750 70040 + 62125 71602 80493 99239 - - - - 17 13 17 BEARISH 505

1970/06/01 70040 72820 67490 68350 - 60620 70318 78441 96834 - - - - 17 15 16Currently

Bearish 335

1970/07/01 68350 74340 66530 73410 + 59796 68848 77399 95518 - - - - 22 18 17BREAKOUT

MODE 1902

1970/08/01 73410 77200 70280 76460 + 59494 67744 76724 95036 * * - - 32 23 18 Bullish 1608

1970/09/01 76460 77830 74150 76070 + 59044 68240 76640 94318 + * - - 41 31 22CAUTION

1624

1970/10/01 76070 79110 74670 75560 - 58703 70624 76466 93773 + * - - 51 41 27Retest Support

1620

75560 79750 74950 79410 + 58337 72116 76447 93187 + * * - 58 50 33Turning UP

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1970/11/01 75560 79750 74950 79410 + 58337 72116 76447 93187 + * * - 58 50 33Turning UP

1626

1970/12/01 79410 84820 78750 83890 + 58495 74560 77981 93439 + + * - 67 58 39BULLISH

1625

1971/01/01 83890 87380 82650 86850 + 58898 77034 80061 94084 + + + - 78 67 46BULLISH

1625

1971/02/01 86850 89810 86200 87880 - 59696 79444 82271 95358 + + + - 89 78 54BULLISH

1625

1971/03/01 87880 92230 87320 90440 + 60447 81974 84419 96557 + + + - 95 87 62BULLISH

1625

1971/04/01 90440 95810 89750 94180 + 61372 84934 86987 98036 + + + * 95 93 69

Possibly

Turning

BULLISH1127

1971/05/01 94180 94890 89860 90780 - 62389 87156 89241 99661 + + + * 92 94 75Bullish Volatile

1433

1971/06/01 90780 92970 86630 89110 - 63519 87952 91130 101465 * + + * 88 91 78Pressing Lower

1423

1971/07/01 89110 90880 85440 85840 - 64554 87800 91996 103120 - + + + 81 87 80

Approaching

Important Low

1459

1971/08/01 85840 91780 83490 89810 + 65525 87034 92624 104671 * + + + 76 81 79

Possible

MAJOR Low

1920

1971/09/01 89810 92570 87750 88720 - 66252 86634 93019 105832 - + + + 72 76 78Building Base

2300

1971/10/01 88720 91060 82780 83900 - 66716 85218 92851 106572 - - + * 64 70 75Moving Lower

2091

1971/11/01 83900 85520 79070 83130 + 67164 83706 91381 107288 - - + + 58 64 72NEUTRAL

2066

1971/12/01 83130 90250 83110 89020 + 67733 83240 90719 108197 * - + + 52 58 68Pushing Higher

2609

1972/01/01 89020 92400 88340 90220 - 68108 84210 90637 108796 * * + + 51 53 64Bullish Reaction

2017

1972/02/01 90220 93330 89430 92810 + 68461 84546 90987 109361 + * + + 61 54 62Pushing Higher

544

1972/03/01 92810 95700 92410 94070 + 68828 86472 91547 109946 + + + + 75 62 62

STRONG

UPWARD

PRESSURE

805

1972/04/01 94070 97770 93360 95420 - 69123 89330 92290 110417 + + + + 82 72 65BREAKOUT

MODE 1632

1972/05/01 95420 97950 91740 96070 + 69235 91056 93274 110595 + + + + 87 81 69

WARNING

New Lows

Likey 1644

1972/06/01 96070 96770 91780 92900 - 69360 91744 94881 110796 * + + + 85 84 72

Turning

BEARISH

1431

1972/07/01 92900 95550 90010 92470 - 69559 91860 95639 111115 * + + + 80 84 75Turning

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11/11/13 P$

file:///C:/PEI/INDEX/DJIND-M.HTM 25/47

1972/07/01 92900 95550 90010 92470 - 69559 91860 95639 111115 * + + + 80 84 75DOWN 1421

1972/08/01 92470 98040 92200 96370 + 70183 91818 96444 112111 * + + + 81 82 76BULLISH

2212

1972/09/01 96370 97740 92720 95330 + 70510 91690 97074 112634 * + + + 80 80 77Still STRONG

1433

1972/10/01 95330 96410 91710 95550 + 70915 91684 97176 113279 * + + + 84 81 78Possible Temp

Low 1601

1972/11/01 95550 102970 95530 101820 + 71976 92434 97919 114974 + + + + 90 84 79

VERY

STRONG

1602

1972/12/01 101820 104240 99610 102000 + 73094 94354 98817 116760 + + + + 90 88 81Pressing Higher

1122

1973/01/01 102290 106720 98810 99900 - 73738 95676 100239 117790 + + + + 85 88 82SPIKE LOW

1458

1973/02/01 99900 101990 93880 95510 - 74052 95908 101159 118290 * * + + 73 82 81Possible

CRASH 1913

1973/03/01 95510 98530 91110 95100 + 74187 95788 101229 118507 - * + * 57 71 78

Possible

Important Low

2622

1973/04/01 95100 97530 90750 92140 - 74072 94832 101199 118324 - - + * 36 55 71Pressing Lower

2053

1973/05/01 92140 96520 87550 90140 - 73760 92420 101214 117824 - - * * 23 38 62Moving Lower

2091

1973/06/01 90140 93560 86450 89170 - 73352 89948 99870 117172 - - - * 17 25 52Pressing Lower

2053

1973/07/01 89020 94410 86390 92640 + 73336 88450 98466 117148 * - * + 18 19 44Reaction High

520

1973/08/01 92440 92440 84550 88760 + 73116 87138 96426 116796 - - - * 19 18 38New Lows

Likey 512

1973/09/01 88760 96460 87330 94710 + 73018 86454 95636 116638 * - * + 27 21 34Moving Higher

584

1973/10/01 94710 99760 93770 95660 - 73038 87698 95811 116670 + * * + 37 27 33Pressing Higher

533

1973/11/01 95660 96380 81040 82230 - 72248 86616 95647 115410 - - - - 29 31 32

Further

Decline Still

Possible 2321

1973/12/01 82050 86110 78360 85090 + 71257 85010 94160 113827 * - - - 30 32 32Short-Cover

Reaction 2103

1974/01/01 85090 89040 81660 85560 + 70284 84432 93514 112272 - - - - 25 28 30

Moving Higher

2624

1974/02/01 85560 87140 79570 86050 + 69463 82880 92476 110961 - - - - 22 25 29

IMPORTANT

Reaction Low

2610

1974/03/01 86050 90400 84180 84670 - 68821 80962 92184 109935 * - - - 27 24 27Pressing Lower

586

1974/04/01 84670 87590 81870 83680 - 68145 81128 90917 108855 * - - - 28 25 27New Lows

Likey 541

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1974/05/01 83680 87040 78880 80220 - 67439 81232 89100 107727 - - - - 24 26 26ReTesting

Support 2100

1974/06/01 80220 86550 79650 80240 - 66853 80830 87696 106791 * - - - 18 23 25

RETEST

RESISTANCE

2308

1974/07/01 80240 81200 75310 75740 - 66057 79978 86994 105519 - - - - 11 17 22Moving Lower

2091

1974/08/01 75740 80340 65160 67860 - 64589 76174 85751 103175 - - - - 7 12 19Moving Lower

2091

1974/09/01 67860 68650 59880 60790 - 62933 71776 83110 100529 - - - - 5 7 16Moving Lower

2091

1974/10/0160790 68930 57320 66550 + 61265 67464 80043 97865 - - - - 9 7 14 Reaction High

518

1974/11/01 66550 69280 59980 61870 - 59263 63530 77427 94667 - - - - 11 8 12Pressing Lower

586

1974/12/01 61610 61980 57000 61620 + 58043 59868 73847 92717 - - - - 12 10 12Possible Low

511

1975/01/01 61910 71730 61910 70370 + 57171 59218 71730 91325 + - - - 21 14 12BREAKOUT

MODE 1902

1975/02/01 70370 75740 69520 73910 + 56481 61146 70950 90223 + - - - 28 20 14Turning UP

1626

1975/03/01 73910 79690 73150 76820 + 55934 64312 70857 89350 + * - - 41 30 18Turning UP

1626

1975/04/01 76820 83520 73660 82130 + 55783 67048 72981 89109 + + * - 58 42 24BULLISH

1625

1975/05/01 82130 86860 80800 81500 - 55654 71808 75543 88902 + + - - 68 55 32MOVING

LOWER 1630

1975/06/01 83570 88460 81120 87900 + 56109 75650 78283 89629 + + + * 80 68 41BULLISH

1638

1975/07/01 87900 88890 81920 83150 - 56282 78130 82127 89904 + + - - 86 78 50 MOVING

LOWER 1630

1975/08/01 83150 84400 78580 83530 + 56743 79216 83937 90641 + + * - 86 84 58 Stable 1132

1975/09/01 83530 84900 78970 79390 - 57426 80278 85246 91732 - + * - 83 85 64Cautiously

Bearish 1428

1975/10/01 79390 85960 78050 83600 + 58777 79728 86141 93891 * + * * 80 83 68Temp Low

1422

1975/11/01 83600 86580 82110 86070 + 59933 79926 86579 95737 * + + * 82 81 71

Retest

Resistance

1707

1975/12/01 86070 86610 81280 85240 + 61317 79798 86543 97949 + + + * 83 81 73Testing Support

1704

1976/01/01 85240 98600 84860 97530 + 63444 81054 87991 101346 + + + + 90 85 76

VERY

STRONG

1602

1976/02/01 97530 100280 94620 97260 - 65037 84184 89619 103891 + + + + 92 88 79Short-Term

High 1641

1976/03/01 97260 101800 96420 99950 + 66580 87858 92104 106354 + + + + 93 91 82 RALLY 1609

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file:///C:/PEI/INDEX/DJIND-M.HTM 27/47

1976/04/01 99950 101770 96300 99690 + 67934 90696 94514 108518 + + + + 94 93 84MOVING

LOWER 1630

1976/05/01 99580 101580 95580 97520 - 68846 93556 96746 109974 * + + + 90 92 86

WARNING

Possible Chg

Trend 1419

1976/06/01 97520 101290 95170 100280 + 69958 95618 98847 111752 * + + + 91 91 87BULLISH

2212

1976/07/01 100280 101790 97420 98460 - 70584 96178 101016 112750 * + + + 89 90 87Temp High

1462

1976/08/01 98460 100470 95410 97370 - 71426 95976 101283 114096 * + + + 86 88 87Holding

Support 1806

1976/09/01 97370 102630 97120 99020 - 72343 96140 101619 115561 * + + + 87 87 87 Bullish 703

1976/10/01 99020 99560 92830 96490 + 73356 95590 101299 117180 * * + + 82 85 86New Lows

Likey 2078

1976/11/01 96490 97200 91790 94720 + 74015 94914 100646 118231 - - + + 77 82 85

Possible

Important Low

2622

1976/12/01 94720 100680 94220 100470 + 74868 94274 100517 119594 * * + + 78 79 83Moving Higher

590

1977/01/01 100270 100780 94490 95440 - 75472 94090 100444 120558 - - + + 72 75 81 Still Bearish

2099

1977/02/01 95370 96380 92600 93640 - 75241 93186 99671 120191 * - + + 63 71 78Moving Lower

2097

1977/03/01 93830 97160 91420 91910 - 74925 92904 99199 119685 * - + + 52 62 73

POSSIBLE

DECLINE

2040

1977/04/01 92540 95610 90970 92690 - 74494 92740 98196 118998 - - + + 28 47 66

UNDER

PRESSURE

2021

1977/05/01 92580 94950 89260 89870 - 73913 91748 97537 118069 - - * + 10 30 56Moving Lower

2093

1977/06/01 90280 93440 89650 91630 + 73564 90780 97000 117512 - - - + 10 16 46 Reaction 309

1977/07/01 91400 92780 87880 89010 - 72897 89836 95871 116445 - - - + 11 10 37 Weakening 539

1977/08/01 89350 90000 84440 86150 - 72167 88440 94331 115281 - - - + 10 10 31Moving Lower

2091

1977/09/01 86390 87980 83030 84710 - 71417 86852 93131 114083 - - - * 10 10 26Currently

Bearish 335

1977/10/01 84530 85600 79280 81840 - 70400 84856 91480 112456 - - - - 10 10 22Currently

Bearish 335

1977/11/01 81230 85010 79450 82970 + 69599 82816 89966 111177 - - - * 12 10 19 Neutral 535

1977/12/01 82800 83520 80040 83120 + 68912 81248 88333 110080 - - - - 14 12 17 Neutral 535

1978/01/01 82460 83050 75940 76990 - 67521 79548 86849 107859 - - - - 12 12 16Moving Lower

2091

1978/02/01 76800 78740 73920 74210 - 66264 77726 84843 105850 - - - - 10 12 15

Further

Decline Still

Possible 2312

Page 28: Dow Jones Industrials - Armstrong Economics...1932/08/01 5430 7700 5240 7320 + 6004 4700 7100 9590 ** - - 10 4 4 Short-Cover Reaction 2103 1932/09/01 7320 8140 6430 7160 - 5602 4878

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file:///C:/PEI/INDEX/DJIND-M.HTM 28/47

1978/03/01 74030 77780 73680 75740 + 65204 76606 83097 104156 - - - - 8 10 13

Temp Low

Short-Cover

Reaction 2008

1978/04/01 75160 84620 74710 83730 + 64719 75658 82617 103383 + - - - 14 10 12Turning Back

Up 519

1978/05/01 83720 86560 81380 84060 + 64208 75926 82754 102566 + * - - 25 15 13

Possible

SPIKE HIGH

1917

1978/06/01 84040 87930 80800 81900 - 63736 76898 83171 101812 + * - - 36 25 16Retest Support

1620

1978/07/01 81440 86630 80090 86230 + 63416 78132 83616 101300 + + - - 50 37 22

Temp Low

1600

1978/08/01 86400 91120 85530 87680 - 63337 80502 84769 101175 + + - - 58 48 28Turning UP

1626

1978/09/01 87500 91720 85090 86580 - 63363 82578 86623 101215 + + - - 64 57 35

CAUTION

TEMP HIGH

1627

1978/10/01 86680 90940 78210 79250 - 63039 81944 88503 100699 - + - - 62 61 41

Turning

BEARISH

1427

1978/11/01 81280 83170 77910 79900 - 62924 81366 88296 100516 - + - - 54 60 45

Turning

BEARISH

1427

1978/12/01 80570 82990 78100 80500 - 62778 80968 87786 100282 - * - - 44 53 46ReTesting

Support 1810

1979/01/01 80280 86500 79850 83920 + 62826 79832 87581 100358 - * * - 40 46 45 Stabilizing 1802

1979/02/01 83780 84400 80220 80880 - 63056 78858 87263 100726 * * * - 42 42 44

RETEST

SUPPORT

2310

1979/03/01 81020 87700 80730 86220 + 63768 79362 86774 101862 + * + - 51 44 44

STRONG

UPWARD

PRESSURE

805

1979/04/01 85500 88460 84730 85490 - 64345 80726 86309 102785 + - + - 57 50 46MOVING

LOWER 1630

1979/05/01 85540 86320 81510 82230 - 64256 81408 85649 102642 * - * - 52 53 47Turning

DOWN 1421

1979/06/01 82190 85310 81770 84200 + 64264 81792 85954 102656 * * + - 54 54 49

POSSIBLE

REACTION

HIGH 2204

1979/07/01 83670 85700 81800 84640 + 64427 82108 86341 102915 * + + * 48 51 49 Stabilizing 1825

1979/08/01 84540 89360 83910 88760 + 64576 82744 86750 103154 + + + + 51 51 49

BULLISH

UPTREND

2202

1979/09/01 88400 90210 85790 87860 - 64587 82956 87580 103171 + + + + 61 53 50Short-Term

High 1641

87090 90490 79600 81570 - 64290 82574 87979 102698 - * * * 57 56 51

WARNING

Very Choppy

Outside

Page 29: Dow Jones Industrials - Armstrong Economics...1932/08/01 5430 7700 5240 7320 + 6004 4700 7100 9590 ** - - 10 4 4 Short-Cover Reaction 2103 1932/09/01 7320 8140 6430 7160 - 5602 4878

11/11/13 P$

file:///C:/PEI/INDEX/DJIND-M.HTM 29/47

1979/10/01 87090 90490 79600 81570 - 64290 82574 87979 102698 - * * * 57 56 51Outside

Reversal to

UpsidePossible 1461

1979/11/01 81480 83860 79220 82240 + 64467 82064 87321 102981 * * * * 54 57 52Temp Low

1470

1979/12/01 81950 85150 81480 83870 + 64702 82000 87154 103356 - - - + 46 52 51Possible

CRASH 1913

1980/01/01 83560 89790 80900 87590 + 65123 81398 87794 104027 * + * + 45 48 50

Possible

MAJOR Low

2615

1980/02/01 87410 91820 84730 86310 - 65264 81186 88669 104252 * + * + 52 47 49Temp High

502

1980/03/01 86330 86870 73000 78580 - 65128 79866 88313 104036 - - * * 49 48 49Moving Lower

2091

1980/04/01 78640 81850 75140 81710 + 64861 79050 87119 103609 * - * * 48 49 49Short-Cover

Reaction 2103

1980/05/01 81630 86610 79580 85090 + 64837 78670 86564 103571 * - * * 48 48 48Consolidate

721

1980/06/01 85060 89630 84070 86790 - 65107 79304 87389 104003 * * + + 53 49 48

Retest

Resistance

1707

1980/07/01 86540 94690 86260 93530 + 65659 79610 88751 104885 + + + + 71 57 51

VERY

STRONG

1602

1980/08/01 93670 97240 91850 93260 - 66170 83380 89816 105700 + + + + 80 68 55Short-Term

High 1641

1980/09/01 93250 98070 91800 93240 - 66436 86712 90709 106124 + + + + 83 78 61

CAUTION

TEMP HIGH

1627

1980/10/01 93350 98730 91160 92450 - 66707 89028 92403 106559 + + + + 83 82 66Caution Temp

High 1136

1980/11/01 92900 100940 92450 99330 + 67759 90704 95130 108239 + + + + 84 83 70

VERY

STRONG

1602

1980/12/01 98690 99110 89450 96400 + 68598 91342 96916 109578 * + + + 84 83 73TEMP LOW

1137

1981/01/01 96540 101310 93090 94730 - 69241 91590 98584 110607 * + + + 83 83 75Temp High

1462

1981/02/01 94280 98090 92390 97460 + 69826 91708 99070 111540 * + + + 85 84 77

Caution New

Low Possible

1642

1981/03/01 97230 102180 95570 100390 + 70660 92590 99776 112872 * + + + 85 84 78BULLISH

TREND 1112

1981/04/01 100830 103100 98180 99780 - 71916 93736 100494 114878 + + + + 86 85 80CAUTION

1624

1981/05/01 99840 100520 95670 99180 + 72951 94980 100750 116531 * + + + 88 86 81TEMP LOW

1621

Temp High

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1981/06/01 99600 102300 97270 97690 - 73697 95816 100944 117723 * * + + 86 86 82Temp High

1447

1981/07/01 97440 97900 91870 95230 + 74196 95712 100771 118522 - * + + 77 83 82ReTesting

Support 1810

1981/08/01 95140 96150 87910 88150 - 73878 94180 100034 118012 - - + * 57 73 79Moving Lower

2087

1981/09/01 88080 89240 80750 85000 + 73389 90694 98770 117231 - - * * 37 57 72New Lows

Likey 2078

1981/10/01 84760 88580 82360 85260 - 72916 88032 96827 116476 - - * + 23 39 63Further Decline

Likely 2619

1981/11/01 86200 89280 83460 88900 + 72706 85270 94853 116140 - - * + 21 27 54Moving Higher

2624

1981/12/01 88770 89850 86280 87500 - 72005 84152 93329 115021 - - - * 26 23 46Pressing Lower

586

1982/01/01 87670 88740 83260 87110 + 71454 83222 91391 114142 * - - * 29 25 41Under Pressure

588

1982/02/01 86050 86630 80220 82440 - 70727 83116 89781 112979 * - - * 26 27 38Possible

CRASH 2314

1982/03/01 82470 84070 78620 82280 + 69827 82368 88056 111543 - - - + 21 25 34

Possible

Important Low

2630

1982/04/01 82400 87120 82050 84840 + 68907 82086 87753 110071 - - - * 20 22 31Turning UP

2070

1982/05/01 84280 87650 81550 81950 - 67851 81140 87620 108385 - * - - 16 19 28

POSSIBLE

DECLINE

2040

1982/06/01 81960 82430 78430 81190 + 66785 80174 86641 106683 * - - - 17 17 25 BEARISH 505

1982/07/01 81210 84380 78740 80860 - 65788 79878 85860 105090 * - - - 16 16 23Temp Low In

Place 2060

1982/08/01 81160 91100 77000 90130 + 65486 79554 86197 104608 + + - - 25 19 22 Temp Low 521

1982/09/01 90520 95120 88870 89630 - 65574 80918 87410 104748 + + - - 38 26 23

VERY

STRONG

1908

1982/10/01 89500 105190 89200 99170 + 66413 82448 90427 106089 + + * * 59 40 28BULLISH

1625

1982/11/01 99080 107850 98370 103930 + 67519 86436 93389 107855 + + + + 78 58 36 RALLY 1609

1982/12/01 104320 107790 98340 104650 + 68451 90356 96266 109345 + + + + 83 73 45Temp Low

1600

1983/01/01 104890 110510 101340 107570 + 69640 95224 100277 111244 + + + + 87 82 54 RALLY 1609

1983/02/01 107690 113530 104680 111260 + 71071 98386 104441 113529 + + + + 91 87 62

VERY

STRONG

1602

1983/03/01 111730 115850 110500 113000 - 72881 102646 107977 116421 + + + + 92 90 68 RALLY 1609

1983/04/01 112530 123540 110220 122620 + 75271 105016 112037 120237 + + + + 94 92 74SPIKE LOW

1633

1983/05/01 122370 124450 117430 120000 - 77353 108834 114789 123563 + + + + 94 93 78Caution Temp

High 1136

Temp High

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1983/06/01 119810 126070 117680 122200 + 79737 112102 117391 127373 + + + + 93 93 81Temp High

1462

1983/07/01 122360 125850 117980 119920 - 82031 114762 119971 131037 + + + + 92 93 84

WARNING

New Lows

Likey 1467

1983/08/01 119270 121980 115210 121620 + 84445 115704 121610 134893 * + + + 90 91 85Temp Low

1471

1983/09/01 121600 127070 119740 123310 - 86411 117608 123544 138033 * + + + 90 90 86 Bullish 1107

1983/10/01 122460 128670 121460 122520 - 88359 118414 125376 141145 * + + + 88 89 86Temp High

1462

1983/11/01 122520 129700 120870 127600 + 90042 119052 126256 143834 + + + + 90 89 87

Turning

BULLISH

1703

1983/12/01 127600 128550 123120 125860 + 91341 120080 126841 145909 + + + + 89 89 87Still STRONG

1434

1984/01/01 125840 129540 120960 122060 - 92373 121230 127337 147557 * * + + 85 88 87Holding

Support 1806

1984/02/01 122190 122660 111500 115460 - 92840 119582 126881 148304 - - + + 76 83 85Further Decline

Likely 2602

1984/03/01 115290 119720 113170 116490 + 93150 117924 126559 148798 - - + + 63 74 82Moving Higher

2624

1984/04/01 116860 118210 111730 117080 + 93392 116096 125293 149184 - * + + 48 62 76SPIKE LOW

2007

1984/05/01 117150 119440 108320 110490 - 92673 113136 123974 148037 - - * + 31 47 68

POSSIBLE

DECLINE

2040

1984/06/01 111180 114480 107940 113240 + 92273 110532 121800 147397 * - * + 25 34 59SPIKE LOW

2007

1984/07/01 113000 113950 107830 111530 + 91641 109798 119714 146387 - - * + 21 25 50

Possible

Important Low

2622

1984/08/01 112410 125380 111490 122440 + 91790 109462 119120 146626 + - * + 30 25 44Pushing Higher

545

1984/09/01 121570 124820 118980 120670 - 91734 110912 119429 146536 + - * + 42 31 41 Bearish 504

1984/10/01 119920 124600 115820 120740 + 91581 112412 120126 146293 + * * + 50 40 41 Temp Low 575

1984/11/01 121180 124740 118080 118890 - 91367 114440 121059 145949 + * * + 59 50 44

Testing

Resistance

1912

1984/12/01 118330 122360 115470 121160 + 90985 115968 121476 145339 * + * + 57 55 46Temp Low

1471

1985/01/01 120240 130510 117870 128680 + 91152 117244 123766 145606 + + + + 66 60 50

VERY

STRONG

1602

1985/02/01 127870 130750 126390 128400 - 91528 118726 126166 146206 + + * + 74 65 53CAUTION

1624

1985/03/01 129530 131000 124280 126680 - 92192 120418 126969 147268 + + * + 81 73 58

CAUTION

TEMP HIGH

1627

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1985/04/01 126720 129030 124580 125810 - 92744 121718 127570 148150 + + * + 85 80 63MOVING

LOWER 1630

1985/05/01 125660 132080 123550 131540 + 93600 123334 128639 149518 + + + + 87 84 68SPIKE LOW

1633

1985/06/01 131310 134120 128540 133550 + 94966 125468 129979 151700 + + + + 89 87 72

VERY

STRONG

1602

1985/07/01 133000 137220 131340 134750 + 96241 126458 132101 153735 + + + + 91 89 76

Losing

Momentum

1603

1985/08/01 135040 136190 130370 133400 + 97536 127676 132913 155804 + + + + 93 91 79MOVING

LOWER 1630

1985/09/01 133090 134820 128370 132860 + 98153 128434 133494 156791 + + + + 89 91 82Temp Low

1468

1985/10/01 132910 138460 131520 137430 + 99146 130028 134560 158376 + + + + 88 90 83Temp High

1462

1985/11/01 137670 148690 136780 147210 + 100714 131676 137369 160880 + + + + 90 89 84BULLISH

1714

1985/12/01 146160 157090 145030 154670 + 102833 134414 140941 164265 + + + + 92 90 85

VERY

STRONG

1602

1986/01/01 153530 158290 149170 157100 + 104962 138174 144394 167666 + + + + 96 92 87

VERY

STRONG

1602

1986/02/01 156960 173260 156430 170910 + 107463 143786 149543 171661 + + + + 95 94 88Still STRONG

1434

1986/03/01 170470 184970 166310 181860 + 110630 150744 156511 176720 + + + + 95 95 90Pressing Higher

1122

1986/04/01 181480 187020 171250 178400 - 113693 157638 163969 181613 + + + + 93 94 90Still BULLISH

1432

1986/05/01 177800 189820 174650 187670 + 117357 163562 171306 187467 + + + + 93 93 91Pressing Higher

1122

1986/06/01 187420 190760 181610 189270 + 120776 170050 177316 192928 + + + + 94 93 91BULLISH

1714

1986/07/01 189310 192270 174160 177530 - 123381 173596 182341 197089 * + + + 89 92 91Holding

Support 1806

1986/08/01 177870 191860 173060 189830 + 126643 174946 187137 202301 + + + + 92 91 91 Bullish 703

1986/09/01 189830 193340 173300 176760 - 129212 175356 190006 206404 * + + + 86 89 90 Still Bearish

2099

1986/10/01 179230 189470 176130 187780 + 132465 175652 190649 211599 * + + + 85 87 89Moving Higher

2624

1986/11/01 188460 192650 179710 191420 + 135662 175272 191453 216708 * + + + 89 86 88Potential High

Close 588

1986/12/01 188820 197170 188050 189600 - 138173 178050 192503 220719 * + + + 87 87 88Still Bearish

2099

1987/01/01 191310 221460 189740 215800 + 141794 181386 196889 226502 + + + + 91 89 88Moving

Higher 1919

216310 226650 213440 222400 + 145662 189414 201800 232682 + + + + 92 90 88BULLISH

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1987/02/01 216310 226650 213440 222400 + 145662 189414 201800 232682 + + + + 92 90 88BULLISH

1714

1987/03/01 221500 239960 220910 230470 + 149190 198370 208671 238316 + + + + 90 91 89 Still STRONG

1434

1987/04/01 229740 242840 218050 228640 - 151961 206038 215743 242743 + + + + 88 90 89Holding

Support 1806

1987/05/01 230070 238080 218850 229160 + 154967 212198 222687 247545 + + + + 85 87 88Building Base

2300

1987/06/01 229720 246600 226060 241850 + 158176 219462 230394 252672 + + + + 85 86 87 Reaction 309

1987/07/01 240400 258830 239130 257210 + 162200 224600 239203 259100 + + + + 89 86 87Moving Higher

584

1987/08/01 256510 274670 252600 266300 + 167458 230938 246804 267498 + + + + 91 88 87

FINAL

RALLY

STAGE 1900

1987/09/01 268200 269550 246900 259630 + 171593 236708 252933 274103 + + + + 92 90 88

WARNING

MAJOR

CRASH

LIKELY 1639

1987/10/01 262290 266240 161620 199350 - 172930 225262 256687 276240 - - + + 75 86 87

MAJOR

PANIC LOW

2049

1987/11/01 199320 202750 179530 183360 - 172669 215956 250960 275821 - - * + 56 74 83Still Bearish

2099

1987/12/01 185210 201960 173390 193880 + 172815 202808 245800 276055 - - + + 40 57 75

Temp Low

Short-Cover

Reaction 2008

1988/01/01 199270 207530 184600 195820 - 173183 189208 240219 276643 - - + + 28 41 66Pushing Higher

2070

1988/02/01 196300 207810 187820 207160 + 172671 177392 232930 275825 * - + + 30 32 57Moving Higher

582

1988/03/01 206880 211090 195130 198810 - 171274 184094 223847 273594 * - + + 33 30 51Temp High

502

1988/04/01 200400 212140 196800 203230 - 169660 187548 215646 271016 + - + + 35 32 46Pressing Higher

533

1988/05/01 202620 207200 192160 203110 + 168149 191302 207211 268601 * - * + 37 35 44Possible Low

511

1988/06/01 204450 216910 202130 214170 + 167261 194808 209234 267183 + * * + 38 36 42Pushing Higher

545

1988/07/01 213480 216950 204730 212870 + 165544 198190 211376 264440 + + - + 41 38 41Forming Base

515

1988/08/01 212820 215190 197870 203170 - 162343 198738 212470 259327 * + - + 41 40 41

Testing Support

325

1988/09/01 200890 214030 198840 211290 + 159085 199146 213359 254123 + + - + 44 42 41BREAKOUT

MODE 1902

1988/10/01 209480 219510 208230 214870 + 156434 202360 214561 249888 * + - + 45 43 41

Retest

Resistance

1707

1988/11/01 215360 218600 202670 211450 + 157151 202468 215484 251033 * + - + 49 46 42MOVING

LOWER 1630

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LOWER 1630

1988/12/01 211110 219380 207540 216860 + 159134 203030 217224 254202 + + - * 61 51 44 RALLY 1610

1989/01/01 215450 235020 212710 234230 + 161524 205998 219811 258020 + + - + 75 61 49BULLISH

1625

1989/02/01 234500 236930 223210 225840 - 163303 210872 222666 260861 + + * * 88 74 55MOVING

LOWER 1630

1989/03/01 226500 235110 223450 229360 + 164618 213916 225511 262960 + + + * 88 83 62BULLISH

1131

1989/04/01 229800 243310 228210 241880 + 167169 219024 229694 267035 + + + + 89 88 68

VERY

STRONG

1602

1989/05/01 240070 252160 235630 248020 + 169822 224642 234359 271274 + + + + 88 88 72Temp High

1462

1989/06/01 248470 254500 241290 244010 - 172244 230358 239487 275144 + + + * 89 88 76Upward Bias

1709

1989/07/01 244940 266830 243150 266070 + 175318 234346 246266 280054 + + + * 93 90 79BULLISH

1638

1989/08/01 265820 275870 261990 273730 + 178923 242054 252101 285813 + + + + 93 91 82Pressing Higher

1122

1989/09/01 274890 276820 263680 269280 - 182839 249148 257800 292067 + + + + 93 93 84 Caution Temp

High 1136

1989/10/01 269870 280910 249690 264510 - 185991 251960 264343 297103 + + + + 91 92 86SPIKE LOW

1458

1989/11/01 265000 271820 256310 270630 + 189294 254964 268416 302378 + + + + 88 90 86Still STRONG

1434

1989/12/01 272760 278480 265870 275320 + 193077 259508 272176 308421 * + + + 87 88 86Temp High

1462

1990/01/01 276830 283400 251310 259050 - 195576 257372 276304 312414 - + + + 81 85 85Possible

CRASH 1

1990/02/01 258780 267430 254100 262730 + 197264 255456 276390 315110 * + + + 78 82 84

Possible

CRASH

MODE

Forming 2302

1990/03/01 262300 277500 260790 270720 + 199922 257676 276623 319356 * + + + 76 78 82Moving Higher

2624

1990/04/01 268920 279350 262770 265680 - 202073 258968 276984 322793 - * + + 69 74 80Still Bearish

2099

1990/05/01 266350 290820 265140 287670 + 204785 258822 278400 327125 + + + + 76 73 78Pushing Higher

544

1990/06/01 288670 295690 282150 288070 - 207158 264990 281810 330914 + + + + 82 75 77Reaction Rally

531

1990/07/01 288390 302430 283270 290520 - 209913 270824 285231 335315 + + + + 82 80 78

VERY

STRONG

1908

1990/08/01 289900 293120 245940 261440 - 209639 267854 286620 334877 - - + + 72 78 77Possible

CRASH 1913

1990/09/01 259550 266540 236780 245250 - 207952 262656 286493 332182 - - * + 50 68 74Further Decline

Likely 2620

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1990/10/01 246240 256540 234430 244230 - 206468 256514 283499 329812 - - * + 33 51 67Pressing Lower

2053

1990/11/01 243440 258120 241560 255970 + 205962 248396 280466 329004 - - * + 21 34 58Moving Higher

2624

1990/12/01 256090 266260 253470 263370 + 205532 242436 276957 328318 * * * + 25 26 50Moving Higher

582

1991/01/01 263560 274730 244830 273640 + 205432 242214 273963 328158 + * * + 37 27 45 Temp Low 521

1991/02/01 271560 295520 269430 288220 + 207160 248744 272976 330918 + * + + 53 38 44Rally Underway

585

1991/03/01 289310 301780 282920 291390 - 208858 258442 274213 333630 + * + + 66 52 47

VERY

STRONG

1908

1991/04/01 290220 303050 284850 288790 - 209928 267100 279429 335340 + * + + 75 64 51MOVING

LOWER 1630

1991/05/01 291190 304450 283450 302750 + 212123 273096 286273 338847 + + + + 85 75 57

WARNING

New Lows

Likey 1644

1991/06/01 302210 305750 287930 290680 - 212302 281716 293077 339132 * + + + 85 81 63 STABLE 1108

1991/07/01 294340 303960 289740 302480 + 213155 285778 298463 340495 + + + + 88 86 68Holding

Support 1611

1991/08/01 302150 306870 283540 304360 + 213975 285902 303054 341805 + + + + 92 88 73 WARNING

New Lows

Likey 1644

1991/09/01 305660 306660 296310 301680 + 216358 288194 304646 345612 * + + + 91 90 77

Turning

BEARISH

1431

1991/10/01 302150 309100 292550 306910 + 220011 290014 305691 351445 + + + + 95 92 80

WARNING

New Lows

Likey 1645

1991/11/01 305750 309190 286110 289470 - 222690 289650 306569 355726 - * * + 90 92 83

WARNING

Very Choppy

OutsideReversal to

Upside

Possible 1461

1991/12/01 286940 320460 283230 316880 + 226298 288348 308856 361490 + + + + 89 91 84Temp Low

1422

1992/01/01 314600 331350 311990 322340 + 229791 294038 312513 367069 + + + + 89 89 85Pressing Higher

1122

1992/02/01 322670 330750 319340 326770 + 232938 298644 316340 372096 + + + + 87 88 85Still STRONG

1434

1992/03/01 327150 331840 317620 323550 - 235031 303658 319907 375439 + + + + 91 89 86

CAUTION

TEMP HIGH

1627

1992/04/01 322940 338800 314180 335910 + 237667 309272 324499 379651 + + + + 90 89 86Temp Low

1422

1992/05/01 335910 342020 332400 339680 + 240682 319106 329201 384466 + + + + 92 91 87

VERY

STRONG

1602

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1602

1992/06/01 339680 342220 325400 331850 - 242405 321788 333920 387219 + + + + 89 90 87Further Decline

Likely 1412

1992/07/01 331850 340290 326700 339370 + 245290 323260 336753 391826 + + + + 92 91 88

Retest Support

Preparing to

Breakout 1635

1992/08/01 339370 339990 320730 325730 - 246666 323882 337987 394026 * + + + 86 89 88Holding

Support 1806

1992/09/01 325730 337640 323380 327160 - 248017 325722 338971 396183 - * + + 81 86 87CRASH

MODE 2301

1992/10/01

327160 328050 313220 322620 + 249257 321886 338430 398165 - * + + 77 81 85

New Lows

Likey 2627

1992/11/01 322620 330840 318460 330510 + 250655 320498 337293 400397 * * + + 73 77 83Pushing Higher

2609

1992/12/01 330510 335270 324810 330110 + 253062 320120 336329 404242 * * + + 75 75 81Forming Base

515

1993/01/01 330110 332080 323190 331000 + 253898 320612 334880 405578 * - + + 74 74 79

Short Covering

Still Bearish

2098

1993/02/01 331000 345640 326700 337100 + 254773 321276 335644 406975 + * + + 76 75 78Pushing Higher

544

1993/03/01 337080 348210 334320 343510 + 255765 325496 336819 408559 + + + + 77 75 77Reaction High

520

1993/04/01 343510 348150 336370 342750 + 256901 329078 338320 410375 + + + + 77 76 77HOLDING

SUPPORT 324

1993/05/01 342750 356500 341560 352740 + 257898 332428 342384 411968 + + + + 85 79 77BREAKOUT

MODE 1902

1993/06/01 352740 356970 346260 351600 - 258604 337042 346117 413096 + + + + 88 83 79Short-Term

High 1641

1993/07/01 351600 358390 344990 353940 + 259913 340700 349420 415185 + + + + 89 87 81SPIKE LOW

1633

1993/08/01 353940 366380 353690 365120 + 261438 344574 354320 417622 + + + + 92 89 83

VERY

STRONG

1602

1993/09/01 365120 365570 350730 355510 - 263202 347446 357167 420440 * + + + 89 90 84Retest Support

1416

1993/10/01 355510 370880 355370 368050 + 265624 350208 360406 424308 + + + + 91 90 85

Turning

BULLISH

1703

1993/11/01 368050 371770 360090 369400 + 268395 352974 363780 428735 + + + + 92 90 86BULLISH

1714

1993/12/01 370350 379990 368390 375400 + 271054 357654 367136 432982 + + + + 91 91 87Still STRONG

1434

1994/01/01 375400 398560 374310 397830 + 275065 361778 373077 439389 + + + + 96 93 88

VERY

STRONG

1602

1994/02/01 396540 399810 381180 383200 - 278156 367868 378994 444328 + + + + 91 92 89BULLISH

1453

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1994/02/01 396540 399810 381180 383200 - 278156 367868 378994 444328 + + + + 91 92 891453

1994/03/01 383200 389560 355900 363590 - 279726 367974 382306 446834 * + + + 79 88 88

Possible

CRASH 1

1994/04/01 363590 371050 355240 368310 + 281195 367004 383089 449181 - + + + 69 79 85

Temp Low

Short-Cover

Reaction 2008

1994/05/01 368160 377270 362310 375830 + 283154 365788 384001 452310 * + + + 58 68 80Pushing Higher

2609

1994/06/01 375830 382330 361040 362490 - 283731 363134 385510 453233 - * + + 47 58 74New Highs Still

Possible 2605

1994/07/01 362490 377000 362330 376450 + 285203 359364 385083 455585 * + + + 50 51 68 Neutral 535

1994/08/01 376450 393930 373660 391340 + 287419 362916 384421 459123 + + + + 57 51 64Pushing Higher

544

1994/09/01 391340 395380 382030 384310 - 288555 368274 383789 460939 + * + + 59 55 62Temp High

502

1994/10/01 384310 394950 374830 390810 + 290646 370778 384559 464278 + * + + 71 62 62

Approaching

Overbought

806

1994/11/01 390810 390810 363890 373920 - 290994 371348 387381 464834 * * + + 69 66 63Further Decline

Likely 1415

1994/12/01 373920 386640 365540 383440 + 291825 371990 388720 466163 * + + + 63 67 64

WARNING

Possible

CRASH 1813

1995/01/01 383440 395560 380550 384380 - 292357 373368 390610 467013 * + + + 63 65 64 Stabilizing 1825

1995/02/01 384380 403320 383140 401140 + 292553 373590 394370 467325 + + + + 67 64 64 Bullish 703

1995/03/01 401100 419850 394560 415760 + 294482 377536 398073 470406 + + + + 81 70 66

VERY

STRONG

1602

1995/04/01 415700 432850 415530 432120 + 298541 387864 403426 476889 + + + + 90 79 69

VERY

STRONG

1602

1995/05/01 432120 446510 430220 446510 + 303173 400800 410791 484289 + + + + 97 89 74

VERY

STRONG

1602

1995/06/01 446510 459270 440700 455610 + 307898 412830 420571 491838 + + + + 97 94 79Pressing Higher

1121

1995/07/01 455610 474680 455160 470840 + 314316 427234 433149 502088 + + + + 98 97 83

VERY

STRONG

1602

1995/08/01 470840 475460 457070 461050 - 319327 439736 444563 510093 + + + + 95 96 86

BULLISH

1453

1995/09/01 461050 481610 460730 478900 + 324513 448776 455747 518377 + + + + 94 95 88Temp High

1462

1995/10/01 478900 481690 465100 475540 + 329917 455752 464581 527009 + + + + 94 94 89Still STRONG

1124

1995/11/01 475540 511890 474460 507440 + 336825 462504 475873 538045 + + + + 94 94 90Bullish For

Now 1114

BULLISH

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1995/12/01 507440 523560 505170 509970 - 344883 472506 486880 550917 + + + + 95 94 91BULLISH

1714

1996/01/01 511710 540860 501480 539490 + 354126 481388 498536 565682 + + + + 96 95 92SPIKE LOW

1633

1996/02/01 539530 565940 534830 548560 - 363850 496208 511573 581216 + + + + 94 95 92Temp High

1462

1996/03/01 548560 570990 542850 558710 + 373184 511758 525220 596124 + + + + 93 94 92Temp High

1462

1996/04/01 558710 568280 541550 556900 + 381543 525176 537601 609479 + + + + 93 93 92Under Pressure

1128

1996/05/01 556900 581570 534250 564240 + 389369 530992 551870 621979 + + + + 91 92 92Moving Higher

730

1996/06/01 564310 574250 558140 566090 - 396451 542324 560779 633293 + + + + 91 91 91Consolidate

722

1996/07/01 565460 573330 517010 552290 + 402178 538760 567889 642440 * + + + 87 89 90New Lows

Likey 2078

1996/08/01 552890 573860 552410 561620 - 407555 540672 572603 651029 * + + + 85 87 89New Lows

Likey 2023

1996/09/01 561620 592950 556140 588180 + 415085 543590 576461 663059 + + + + 87 86 88Pushing Higher

544

1996/10/01 588210 613370 586200 603190 + 422447 553980 582516 674817 + + + + 88 86 87Moving Higher

584

1996/11/01 602930 655330 599910 649930 + 432776 562334 594951 691318 + + + + 93 89 88

FINAL

RALLY

STAGE 1900

1996/12/01 652100 658700 625200 644820 + 440914 583972 605970 704316 + + + + 94 91 88BULLISH

1714

1997/01/01 644820 690620 635280 681300 + 451061 600546 622594 720527 + + + + 94 93 89Pressing Higher

1122

1997/02/01 681300 707360 671110 687770 - 459844 623540 641741 734556 + + + + 93 93 90Temp High

1462

1997/03/01 687770 711720 656150 658340 - 466347 637530 661436 744943 + + + + 87 91 90Holding

Support 1806

1997/04/01 658340 705710 635670 700890 + 474768 644682 677544 758396 + + + + 88 89 89 Bullish 703

1997/05/01 700810 739490 691380 733100 + 485204 657918 695561 775066 + + + + 89 88 89Reaction High

2316

1997/06/01 733100 783400 725370 767270 + 497230 675936 713857 794276 + + + + 90 89 89

Approaching

Overbought

806

1997/07/01 767180 828200 766750 822260 + 512403 695064 738071 818513 + + + + 96 91 89BULLISH

1714

1997/08/01 822260 829900 760730 762240 - 524838 715980 757969 838378 + + + + 91 92 90Further Decline

Likely 1412

1997/09/01 762240 803530 758080 794520 + 538633 740462 771707 860415 + + + + 89 92 90 Caution 1818

1997/10/01 794420 818420 697130 744200 - 547874 741612 786950 875176 * + + + 82 87 89Turning Back

DOWN 2628

1997/11/01 746360 788100 734990 782310 + 558484 743536 798720 892124 * + + + 77 82 87Trend Reversal

Up 2018

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1997/12/01 782510 816620 757690 790820 + 566829 741724 809739 905455 * + + + 78 79 85Pushing Higher

581

1998/01/01 791040 803550 744340 790650 + 575466 738446 812617 919252 * + + + 76 77 83

Possible

Important Low

2630

1998/02/01 790990 856680 790990 854570 + 585730 745028 816686 935646 + + + + 85 79 82Pushing Higher

544

1998/03/01 854440 895920 840570 879980 + 597114 773716 826117 953832 + + + + 89 83 82BREAKOUT

MODE 1902

1998/04/01 880150 921330 874870 906330 + 611803 801692 842946 977295 + + + + 92 88 84

VERY

STRONG

1602

1998/05/01 906660 926190 878810 889990 - 623003 825916 858341 995187 + + + + 93 91 85Short-Term

High 1641

1998/06/01890090 910470 856980 895200 + 632605 848444 875823 1010525 + + + + 90 91 86 Temp Low

1471

1998/07/01 895890 936780 881600 888320 - 639775 866566 892989 1021977 * + + + 87 90 87

Turning

BEARISH

1431

1998/08/01 888320 888610 753900 753900 - 635726 849232 905140 1015510 - - + + 68 81 84Further Decline

Likely 2613

1998/09/01 754570 818240 740030 784260 + 637030 822264 899649 1017594 - * + + 56 70 80New Lows

Possible 2614

1998/10/01 784130 865980 746740 859210 + 640862 795850 895371 1023714 * + + + 52 58 74Pushing Higher

2609

1998/11/01 859570 938020 859570 911650 + 650779 796368 897756 1039557 * + + + 52 53 69 Reaction 309

1998/12/01 911650 933480 867600 918140 + 658825 793568 898797 1052409 + * + + 69 57 66 Neutral 535

1999/01/01 918400 964790 906320 935880 + 667417 824052 906557 1066133 + + + + 82 67 67

STRONG

UPWARD

PRESSURE

805

1999/02/01 935960 961130 909900 930650 - 675710 858026 910036 1079380 + + + + 87 79 70MOVING

LOWER 1630

1999/03/01 930730 1008530 921120 978610 + 683056 892902 927167 1091116 + + + + 88 85 74

VERY

STRONG

1602

1999/04/01 978640 1096170 976560 1078900 + 694839 916300 966871 1109937 + + + + 90 88 77

VERY

STRONG

1602

1999/05/01 1078900 1113060 1043420 1055970 - 703701 951464 1002169 1124095 + + + + 89 89 80BULLISH

1453

1999/06/01 1056100 1100340 1040910 1097080 + 715968 978382 1025357 1143688 + + + + 91 90 82Temp Low

1600

1999/07/01 1096600 1125220 1064780 1065510 - 726055 1009358 1052749 1159803 + + + + 90 90 84Temp High

1462

1999/08/01 1065480 1136590 1054900 1082920 - 737581 1036114 1077291 1178215 * + + + 88 89 85Still Holding

1407

1082840 1114240 1008110 1033690 - 754154 1042424 1099164 1204688 - + + + 85 87 85

Turning

BEARISH

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1999/09/01 1082840 1114240 1008110 1033690 - 754154 1042424 1099164 1204688 - + + + 85 87 85 BEARISH

1427

1999/10/01 1033560 1079000 997600 1073170 + 771267 1033260 1109231 1232023 * + + + 82 85 85

POSSIBLE

TEMP LOW706

1999/11/01 1073078 1119534 1044942 1087781 + 784805 1034066 1112569 1253649 * + + + 82 83 84Reaction High

2316

1999/12/01 1087647 1165868 1079807 1149712 + 798905 1037072 1120113 1276173 + + + + 83 82 83Possible Temp

Low 578

2000/01/01 1150185 1190850 1061043 1094053 - 809325 1038300 1133043 1292817 * * + + 82 82 83Reaction High

2616

2000/02/01 1093774 1122844 976036 1012831 - 813883 1031886 1132704 1300099 * - + + 70 78 81 Moving Lower

2091

2000/03/01 1012811 1131128 961175 1092192 + 823451 1024601 1131923 1315383 * * + + 66 72 78

Possible

MAJOR Low

2615

2000/04/01 1086328 1160043 1012862 1073391 - 829065 1018185 1138467 1324351 - * + + 54 63 74Still Bearish

2099

2000/05/01 1074942 1108672 1016320 1052233 - 827485 1005487 1142706 1321827 - * + + 47 55 69Still Bearish

2099

2000/06/01 1053227 1101305 1016151 1044789 - 826823 996509 1140101 1320769 * * + + 48 49 64 Bearish 504

2000/07/01 1045036 1098034 1030328 1052198 - 824165 1007367 1130411 1316523 * * + + 41 45 59New Lows

Likey 2023

2000/08/01 1052381 1141599 1042858 1121510 + 827482 1023704 1123375 1321822 * * + + 46 45 56Pushing Higher

581

2000/09/01 1121954 1151883 1043931 1065092 - 826426 1029918 1127523 1320134 * * * + 48 45 53Temp High

502

2000/10/01 1065906 1110879 957140 1097114 + 830182 1018082 1124631 1326136 * * * + 54 49 52 Temp Low 575

2000/11/01 1096621 1115202 1020480 1041449 - 828304 1018947 1118225 1323134 * * - + 53 51 52Still Bearish

2099

2000/12/01 1041676 1104470 1015816 1078799 + 827772 1016045 1117625 1322284 * * * + 48 51 51Reaction Rally

2104

2001/01/01 1079092 1122441 1032571 1088736 + 824159 1013988 1120644 1316515 * * * + 51 50 51Reaction High

2316

2001/02/01 1088482 1114009 1022514 1049528 - 821522 1009704 1122926 1312302 * * * + 48 49 50Further Decline

Likely 2055

2001/03/01 1049325 1094045 904756 987878 - 820045 999227 1116133 1309941 - - - * 46 48 49Moving Lower

2091

2001/04/01 987716 1097315 930348 1073497 + 818937 981201 1108337 1308173 * * - * 50 48 49Moving Higher

584

2001/05/01 1073405 1143642 1063848 1091194 - 819991 990807 1113018 1309857 * * * * 55 50 49

Testing

Resistance

1912

2001/06/01 1091357 1123668 1031340 1050240 - 819874 990561 1114227 1309668 * * * - 58 54 50Turning Down

1615

2001/07/01 1050495 1075814 1004938 1052281 + 820317 987046 1110133 1310377 * * * - 65 59 52Possible Temp

Low 1601

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Low 1601

2001/08/01 1052738 1066307 982935 994975 - 816928 1002682 1102114 1304964 * - - - 58 60 54BEARISH

1414

2001/09/01 994698 1023850 792693 884756 - 802905 975151 1089234 1282563 - - - - 43 55 53Possible

CRASH 1913

2001/10/01 884597 962654 865990 907514 - 793571 935579 1070464 1267653 - - - - 37 46 51New Lows

Likey 2022

2001/11/01 908745 1005458 898761 985156 + 786940 909063 1057342 1257060 - * - - 37 39 47Pressing Higher

308

2001/12/01 984893 1022078 965187 1002157 + 784613 901113 1039976 1253343 * * - - 43 39 45Reaction High

520

2002/01/01 1002171 1034540 944332 992000 + 779472 893393 1027243 1245130 * - - * 51 43 45TEMP LOW

510

2002/02/01 992304 1031572 950352 1010613 + 774844 924924 1020923 1237738 + - * * 58 50 46

Possible

SPIKE HIGH

1917

2002/03/01 1011104 1072887 1008651 1040394 - 774304 953457 1021863 1236874 + * * * 62 57 49BULLISH

1625

2002/04/01 1040207 1043743 976715 994622 - 774703 969047 1024705 1237513 * * - - 62 60 51Short-Term

Bearish 1111

2002/05/01 994490 1040062 974973 992525 - 769907 971005 1035763 1229851 * * - - 62 62 54Temp Low

1135

2002/06/01 992394 1001604 883192 924326 - 760023 958777 1035212 1214063 - * - - 56 60 55BEARISH

1414

2002/07/01 923925 943308 748953 873659 + 749564 918497 1023959 1197356 - - - - 48 55 54Possible Temp

Low 1909

2002/08/01 873258 912910 799143 866350 + 738551 876595 1006584 1179763 - - - - 43 49 52 Bearish 2063

2002/09/01 865927 876782 742228 759193 - 724585 829698 984471 1157455 - - - - 30 40 48Moving Lower

2091

2002/10/01 759304 860704 718147 839703 + 721917 778333 954159 1153193 - - - - 28 33 44

Temp Low

Short-Cover

Reaction 2008

2002/11/01 839564 899578 823765 889609 + 720856 766447 933564 1151498 * - - - 31 29 40Turning Back

Up 519

2002/12/01 890295 907635 821493 834163 - 711913 780955 914646 1137213 * - - - 31 30 38

Possible

MAJOR

HIGH 330

2003/01/01 834238 889609 788466 805381 - 700258 778820 898647 1118594 * - * - 35 32 36Holding

Support 501

2003/02/01 805374 818935 760281 789108 - 688241 782430 880879 1099397 * - - - 31 32 35Possible Temp

Low 2313

2003/03/01 789024 855208 739731 799213 + 675719 786747 872636 1079395 - * - - 25 30 33

Temp Low

Short-Cover

Reaction 2008

2003/04/01 799283 858772 794738 848009 + 664324 780942 870063 1061194 * * - - 27 27 31Reaction High

520

2003/05/01 847848 889704 832855 885026 + 657833 783214 874206 1050823 * + - - 33 28 30Moving Higher

584

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584

2003/06/01 885145 940650 882351 898544 - 652266 801991 880073 1041932 + + - - 43 34 31BREAKING

OUT 1904

2003/07/01 898366 939802 884361 923380 + 652210 826807 884669 1041842 + + - - 59 45 35Holding

Support 1611

2003/08/01 923268 953597 896413 941582 + 656233 858144 893810 1048269 + + - * 73 58 41BULLISH

1625

2003/09/01 941667 971949 919943 927506 - 659855 883185 915669 1054055 + + - * 82 71 49MOVING

LOWER 1630

2003/10/01 927506 990164 927506 980112 + 672941 902115 934948 1074957 + + * * 91 82 57BULLISH

1625

2003/11/01 980246 994571 955668 978246 + 681147 916778 954348 1088065 + + + * 92 88 64CAUTION

1624

2003/12/01 978535 1049444 977764 1045392 + 690374 935459 977168 1102804 + + + + 93 92 71

VERY

STRONG

1602

2004/01/01 1045274 1074881 1034119 1048807 - 703087 963000 996344 1123113 + + + + 95 93 76 RALLY 1609

2004/02/01 1048778 1079495 1039481 1058392 - 718073 986908 1016300 1147053 + + + * 95 94 80 Bullish 1107

2004/03/01 1058225 1072014 997586 1035770 + 732683 1000924 1033217 1170391 + + + * 93 94 83Still Above

Support 1418

2004/04/01 1035752 1059637 1019839 1022557 - 745912 1013758 1045744 1191522 * + + * 89 92 85Further Decline

Likely 1439

2004/05/01 1022727 1040314 982210 1018845 + 756031 1014647 1052908 1207685 - + + + 85 89 85Temp Low

1468

2004/06/01 1018718 1053001 1010407 1043548 + 765420 1009905 1061255 1222684 * + + + 82 85 85Moving Higher

731

2004/07/01 1043400 1047323 987438 1013971 - 772257 999496 1060952 1233605 * + + + 76 81 83Further Decline

Likely 2055

2004/08/01 1013845 1023549 974660 1017392 + 777825 994911 1053619 1242501 - * + + 73 77 81

Temp Low

Short-Cover

Reaction 2008

2004/09/01 1017012 1039064 995071 1008027 - 781761 989957 1047843 1248787 * - + + 68 72 78Still Bearish

2099

2004/10/01 1008204 1031381 966018 1002747 + 786218 986719 1042038 1255906 - - + + 60 67 75New Lows

Likey 2078

2004/11/01 1002873 1065509 995329 1042802 + 789931 983703 1042877 1261837 * * + + 60 62 71 Reaction 309

2004/12/01 1042580 1089510 1038981 1078301 + 795857 994012 1049905 1271305 + + + + 65 61 69Possible Temp

Low 578

2005/01/01 1078375 1089267 1031710 1048994 - 796071 1005422 1055086 1271645 + + + + 68 64 68 Bearish 504

2005/02/01 1048972 1088978 1046438 1076623 + 797718 1015695 1061037 1274278 + + + + 80 71 69BREAKOUT

MODE 1902

2005/03/01 1079498 1102715 1035176 1050376 - 797243 1029527 1072346 1273519 * + + + 77 75 70SPIKE LOW

1458

2005/04/01 1050457 1060056 996152 1019251 - 796265 1029691 1075345 1271955 - * * + 64 73 70

Turning

BEARISH

1803

2005/05/01 1019200 1058992 1006276 1046748 + 797698 1023150 1079290 1274244 * + * + 62 67 69

Possible

CRASH

MODE

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2005/05/01 1019200 1058992 1006276 1046748 + 797698 1023150 1079290 1274244 * + * + 62 67 69MODE

Forming 2302

2005/06/01 1046286 1071038 1022940 1027497 - 798210 1021396 1080079 1275064 - * - + 51 59 66Still Bearish

2099

2005/07/01 1027359 1075460 1014224 1064091 + 799427 1014954 1078072 1277007 * * * + 54 55 63Reaction High

520

2005/08/01 1064178 1074687 1032142 1048160 - 801452 1014347 1075989 1280242 * * * + 59 54 61 Bearish 504

2005/09/01 1048144 1074377 1030351 1056870 + 803791 1021187 1073904 1283977 * * + + 61 58 60 Caution 523

2005/10/01 1056950 1063700 1009818 1044007 + 805921 1021895 1068330 1287381 * - * + 64 61 60Testing Support

1910

2005/11/01 1043751 1099750 1034770 1080587 + 810532 1024261 1074001 1294746 + * + + 65 63 61BULLISH

1638

2005/12/01 1080603 1098501 1067564 1071750 - 812247 1034929 1079645 1297485 * + + * 68 65 62MOVING

LOWER 1630

2006/01/01 1071830 1109915 1060736 1086486 + 812731 1040648 1085199 1298259 + + + + 71 68 63

WARNING

New Lows

Likey 1645

2006/02/01 1086214 1118268 1069197 1099341 + 815713 1048417 1091314 1303023 + + + + 79 72 65 RALLY 1609

2006/03/01 1099325 1136434 1088535 1110932 - 817745 1064160 1100135 1306269 + + + + 80 76 68 RALLY 1609

2006/04/01 1111300 1146816 1101743 1136714 + 822860 1077555 1110483 1314438 + + + + 85 81 71

VERY

STRONG

1602

2006/05/01 1136778 1170909 1098029 1116831 - 828639 1083648 1125799 1323671 + + + + 81 82 73SPIKE LOW

1458

2006/06/01 1116903 1132928 1065323 1115022 + 832683 1084565 1130539 1330131 * + + + 76 80 74Pressing Lower

1423

2006/07/01 1114934 1130158 1065835 1118568 + 838077 1083893 1135061 1338747 * + + + 73 76 74CAUTION

1820

2006/08/01 1118480 1145295 1099806 1138115 + 842462 1086147 1140115 1345750 * + + + 70 73 73POSSIBLE

DECLINE 712

2006/09/01 1142741 1178249 1127389 1167907 + 849555 1091276 1148684 1357081 * + + + 77 73 73 Bullish 703

2006/10/01 1167899 1223610 1160823 1208073 + 858511 1103835 1161138 1371387 + + + + 84 77 74

VERY

STRONG

1602

2006/11/01 1208025 1240931 1192897 1222193 + 869064 1129350 1174583 1388246 + + + + 90 83 76 RALLY 1609

2006/12/01 1222097 1256617 1207052 1246315 + 878881 1157593 1186827 1403927 + + + + 93 89 79

VERY

STRONG

1602

2007/01/01 1245954 1268554 1231301 1262169 + 890159 1183892 1206202 1421943 + + + + 94 92 82

VERY

STRONG

1602

2007/02/01 1261720 1284576 1207885 1226863 - 898474 1199992 1228262 1435224 + + + + 89 92 84Further Decline

Likely 1412

2007/03/01 1226559 1255007 1192679 1235435 + 906535 1206363 1243935 1448101 * + + + 85 89 85Temp Low

1471

2007/04/01 1235452 1322699 1228454 1306291 + 918106 1213474 1264571 1466586 + + + + 86 86 85

BULLISH

UPTREND

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1235452 1322699 1228454 1306291 + 918106 1213474 1264571 1466586 + + + + 86 86 85 UPTREND

2202

2007/05/01 1306275 1371882 1299302 1362764 + 931495 1231924 1285752 1487973 + + + + 87 86 85BULLISH

1714

2007/06/01 1362869 1375669 1320508 1340862 - 944765 1249766 1305001 1509169 + + + + 90 87 85BULLISH

1714

2007/07/01 1340960 1412104 1314387 1321199 - 956977 1271066 1327213 1528677 + + + + 88 88 86SPIKE LOW

1458

2007/08/01 1321109 1376963 1245592 1335774 + 969842 1281649 1342700 1549228 + + + + 83 87 86Retest Support

1816

2007/09/01 1335839 1399464 1299202 1389563 + 984736 1295798 1359113 1573020 + + + + 82 84 85 Building Base

2300

2007/10/01 1389571 1427996 1333790 1393001 + 998068 1302696 1383825 1594316 + + + + 81 82 84 Bullish Rally

2002

2007/11/01 1392416 1392416 1270726 1337172 + 1005715 1292739 1393785 1606531 * + + + 80 81 83New Lows

Likey 2078

2007/12/01 1336822 1385092 1305932 1326482 - 1011892 1291048 1395672 1616398 * + + + 76 79 82Temp Low In

Place 2060

2008/01/01 1326182 1333823 1150874 1265036 + 1013000 1272105 1389694 1618170 - - + + 62 72 79New Lows

Likey 2078

2008/02/01 1263817 1284188 1200679 1226639 - 1010896 1252400 1371420 1614808 - - + + 46 61 74Still Bearish

2099

2008/03/01 1226436 1268761 1165044 1226289 + 1010862 1218651 1355963 1614754 - - * + 37 48 67

Possible

Important Low

2622

2008/04/01 1226664 1305291 1220842 1282013 + 1013621 1208674 1342510 1619161 - * + + 36 39 60Pushing Higher

2609

2008/05/01 1281834 1319149 1239756 1263832 - 1011106 1195439 1326960 1615144 * - * + 36 36 54 Bearish 336

2008/06/01 1263767 1265281 1122634 1135001 - 997616 1189791 1308798 1593594 - - - + 29 33 49

Further

Decline Still

Possible 2321

2008/07/01 1134464 1182021 1073196 1137802 + 985588 1164294 1279788 1574382 - - - * 26 30 44

Temp Low

Short-Cover

Reaction 2008

2008/08/01 1137989 1193355 1114459 1154355 + 975706 1154177 1259721 1558596 - - - * 21 25 39Moving Higher

2624

2008/09/01 1154563 1183129 1026676 1085066 - 960856 1115344 1245284 1534874 - - - - 15 20 34Moving Lower

2091

2008/10/01 1084740 1102206 777371 932501 - 933784 1022867 1221490 1491630 - - - - 20 18 30 Weakening 538

2008/11/01 932604 971146 739227 882904 + 903571 946186 1173755 1443367 - - - - 21 18 27Temp Pause

513

2008/12/01 882689 915161 807247 877639 + 876352 892996 1116043 1399888 - - - - 21 20 25Currently

Bearish 335

2009/01/01 877225 917519 785686 800086 - 845174 827241 1066362 1350082 - - - - 20 20 24

Caution

Possible Low

2038

2009/02/01 800062 837656 695206 706293 - 812079 760947 1017167 1297217 - - - - 14 18 22

Further

Decline Still

Possible 2312

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Possible 2312

2009/03/01 705648 796900 644008 760892 + 784492 734275 960531 1253150 * - - - 13 15 20

PossibleMAJOR Low

2615

2009/04/01 760613 838381 745074 816812 + 760239 735444 911281 1214407 * - - - 14 13 18Reaction High

518

2009/05/01 816741 865796 804754 850033 + 734652 734946 877508 1173536 * - - - 19 15 17Moving Higher

584

2009/06/01 850153 891111 823607 844700 - 709827 742530 866075 1133879 + * - - 26 19 18REACTION

HIGH 1911

2009/07/01 844753 929813 805757 917161 + 696924 764640 868168 1113268 + * - - 34 26 20

WARNING

New Lows

Likey 1644

2009/08/01 917365 966671 907828 949628 + 685778 817404 875190 1095464 + + - - 41 33 23Turning UP

1626

2009/09/01 949232 993772 922308 971228 + 674931 852851 897492 1078137 + + - - 49 41 28Turning UP

1626

2009/10/01 971160 1015794 937877 971273 - 668191 879475 928763 1067371 + + - - 59 49 33 RALLY 1610

2009/11/01 971213 1052440 964706 1034484 + 674232 907695 959342 1077020 + + - - 69 59 40Turning UP

1626

2009/12/01 1034382 1060565 1020729 1042805 + 683703 950690 987167 1092149 + + - - 79 69 47 RALLY 1610

2010/01/01 1043069 1076715 1001435 1006733 - 691349 969411 1013681 1104363 + + - - 86 78 55Turning Down

1615

2010/02/01 1006899 1046855 982284 1032526 + 705117 981406 1030402 1126355 + + * - 91 85 62Temp Low

1600

2010/03/01 1032610 1098526 1032005 1085663 + 727587 1000232 1049238 1162249 + + + - 92 89 68BULLISH

1625

2010/04/01 1085731 1130895 1081015 1100861 - 747724 1023494 1068827 1194416 + + + - 91 91 73 Caution 1448

2010/05/01 1100960 1120337 975611 1013663 - 759383 1014470 1083762 1213041 * + + - 87 90 77

Turning

BEARISH

1427

2010/06/01 1013394 1062719 972633 977402 - 766928 1008710 1085230 1225092 - * + - 79 85 78

Turning

BEARISH

1427

2010/07/01 977327 1063252 959604 1046594 + 778886 1004174 1085614 1244194 * * + - 72 79 78CAUTION

1820

2010/08/01 1046882 1075566 991573 1001472 - 783880 996087 1085450 1252172 - - + - 60 70 75Building Base

2300

2010/09/01 1001601 1096099 1001601 1078805 + 791531 980204 1092485 1264393 * + + * 61 64 72Moving Higher

582

2010/10/01 1078972 1126630 1068266 1111840 + 799860 998735 1096500 1277698 + + + + 70 63 70Pushing Higher

544

2010/11/01 1112030 1150583 1090646 1100602 - 807520 1022338 1099312 1289934 + + + + 69 66 69Rally Possible

2046

2010/12/01 1100731 1165504 1100731 1157751 + 814821 1050563 1105765 1301597 + + + + 84 74 71BREAKOUT

MODE 1902

2011/01/01 1157743 1207217 1154587 1189193 + 823492 1083166 1126407 1315448 + + + + 89 80 73

VERY

STRONG

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2011/01/01 1157743 1207217 1154587 1189193 + 823492 1083166 1126407 1315448 + + + + 89 80 73 STRONG

1602

2011/02/01 1189250 1241797 1189250 1222634 + 836279 1120696 1151914 1335875 + + + + 90 87 77

VERY

STRONG

1602

2011/03/01 1222657 1242296 1154814 1231973 + 848093 1138006 1175732 1354745 + + + + 95 91 80

WARNING

New Lows

Likey 1644

2011/04/01 1232102 1288592 1209389 1281054 + 859666 1161754 1203231 1373234 + + + + 95 93 83Pressing Higher

1122

2011/05/01 1281016 1292845 1227190 1256979 - 868913 1187046 1226976 1388005 + + + + 94 94 85BULLISH

1453

2011/06/01 1256934 1256934 1182196 1241434 + 882404 1192568 1242169 1409554 * + + + 92 93 87Retest Support

1416

2011/07/01 1241207 1279400 1204421 1214324 - 896437 1195602 1258440 1431971 * + + + 87 91 87Temp High

1462

2011/08/01 1213022 1215296 1058855 1161353 + 903235 1176410 1259594 1442829 - * + + 77 85 86New Lows

Likey 2078

2011/09/01 1161330 1173311 1057220 1091338 - 908558 1145976 1249811 1451332 - - * + 63 75 82Pressing Lower

2053

2011/10/01 1091202 1230316 1036226 1195501 + 915469 1107784 1248099 1462373 * * + + 57 65 77

New Lows

Likely After

Minor

Reaction 2006

2011/11/01 1195161 1221207 1119281 1204568 + 920962 1095201 1238473 1471146 * * + + 53 57 72Moving Higher

2624

2011/12/01 1204621 1235738 1172846 1221756 + 928138 1088886 1230315 1482610 + * + + 57 55 68Moving Higher

582

2012/01/01 1222119 1288463 1222119 1263291 + 934389 1121538 1234819 1492595 + * + + 72 60 66Moving Higher

584

2012/02/01 1263276 1308716 1263276 1295207 + 940668 1162750 1239007 1502626 + + + + 81 70 68Moving

Higher 1918

2012/03/01 1295237 1333177 1270133 1321204 + 946506 1209531 1255847 1511952 + + + + 88 80 71

VERY

STRONG

1602

2012/04/01 1314794 1331686 1268910 1321363 + 951802 1239457 1278472 1520410 + + + + 94 87 75Temp Low

1600

2012/05/01 1321416 1335962 1228927 1239345 - 949331 1250673 1293564 1516463 * + + + 89 90 78Caution High

Volatility 1452

2012/06/01 1239156 1291737 1200375 1288009 + 951169 1246324 1303640 1519399 * + + + 86 89 80Temp Low

1471

2012/07/01 1287971 1315808 1244662 1300868 + 954689 1242601 1315078 1525023 * + + + 84 86 81Temp High

1462

2012/08/01 1300747 1335943 1276528 1309084 + 960302 1243880 1321861 1533988 * + + + 83 84 81Temp High

1462

2012/09/01 1309231 1369782 1294902 1343713 + 971103 1249079 1330585 1551243 + + + + 89 85 82

VERY

STRONG

1602

2012/10/01 1347852 1370353 1301283 1309646 - 984034 1263550 1335896 1571898 + + + + 88 86 83BULLISH

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2012/10/01 1347852 1370353 1301283 1309646 - 984034 1263550 1335896 1571898 + + + + 88 86 831453

2012/11/01 1311896 1332765 1243844 1302558 + 990375 1272244 1336050 1582027 * * + + 85 87 84Retest Support

1416

2012/12/01 1302773 1341284 1285705 1310414 - 996644 1280452 1336810 1592042 * * + + 81 84 83Possible

CRASH 1913

2013/01/01 1313985 1401365 1313985 1386058 + 1006376 1287944 1352471 1607588 + + + + 79 81 82New Highs

Possible 2303

2013/02/01 1386058 1417350 1377245 1405449 + 1014796 1304412 1366977 1621038 + + + + 82 80 81Moving Higher

590

2013/03/01 1404727 1463398 1392071 1457854 + 1024430 1322570 1385185 1636426 + + + + 89 83 82BREAKOUT

MODE 1902

2013/04/01 1457854 1493268 1438678 1483980 + 1034071 1361537 1402826 1651827 + + + + 96 89 84

VERY

BULLISH

1509

2013/05/01 1483980 1556246 1465068 1511557 + 1045337 1397409 1429382 1669823 + + + + 94 93 86 RALLY 1300

2013/06/01 1512355 1537555 1449849 1490960 - 1060240 1424582 1458638 1693630 + + + + 90 93 87Within Support

1322

2013/07/01 1491160 1568739 1482720 1549954 + 1075755 1445677 1491132 1718413 + + + + 90 91 88Pressing Higher

1122

2013/08/01 1550385 1571384 1470955 1481031 - 1086426 1461454 1515420 1735460 * + + + 84 88 87Possible

CRASH 1913

2013/09/01 1480155 1575923 1474843 1512967 - 1098502 1468687 1538073 1754750 * + + + 82 85 86 Building Base

2300

2013/10/01 1513249 1576236 1468172 1554575 + 1110991 1469308 1554193 1774701 + + + + 85 83 85 Rally 206