V.3:7 (247-250): Technical analysis of NYSI/DJI by Howard Waxenberg

V.3:7 (247-250): Technical analysis of NYSI/DJI by Howard Waxenberg
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Technical analysis of NYSI/DJI by Howard Waxenberg

There is a great amount of technical analysis that is done intraday by number crunching computers that are connected to online databases. For the majority of investors and money managers that do not have access to computers and streams of up-to-the-second data there still remain a great many technical tools that require only some time after the markets have closed, a calculator, and some graph paper.

These technical tools, when properly constructed and applied, can produce results equal to, if not better than the workings of a personal computer with streams of data. One of the best examples of this basic technical analysis is the work that can be done with the daily and weekly figures for the number of advancing and declining issues, the advance decline (a-d) lines and their derivatives.

There are seven different indexes for which information is readily available for a-d analysis. These indexes are the New York Composite, the American Stock Exchange, the NASDAQ Composite, the Dow Jones Industrials, the Dow Jones Transports, the Dow Jones Utilities, and the Dow 20 Bond Index. For each of these indexes and averages, two a-d lines can be constructed, one using the daily a-d figures and one using the weekly figures.

I put more importance on the daily lines in my work. For that reason and for the sake of brevity, I will confine my discussion to the daily a-d line of just one index, the New York Composite. This line is constructed from information from the New York Stock Exchange. Work with this line will yield information on the strength and direction of two indexes, the New York Composite (NYSI) and the Dow Jones Industrials (DJI).

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