MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.17

+0.2%

Dec 11 4:00 PM EST

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To: HairBall who wrote (42006)	3/2/2000 11:00:00 AM
From: Michael Watkins	of 99985

LG - I see what you mean. I must admit I don't use semi-log very often, but most of my trading is off of 5-45 minute charts and I think it may be a moot point. Penetrations up or down on triangles and wedges are pretty common in my experience, very often the first move is a fake. Futures not acting terribly strong, but nasdaq tick currently trending up, so we may yet see another run up. The NQ is setting up a decending triangle on the 5 minute My bet is that the pattern is violated, crushing a few last intraday shorts; hits a new high and then we look for failure. Hope it happens within 40 minutes, I'll be out the rest of the day... so with luck this will be a narrow range day leading into tomorrow. Seems likely with the eco news pending. Congestion action on the SP is indecisive. With all the resistance right here in multiple time frames I'm inclined to think down but not doing anything until it proves itself. New highs on Nasdaq are the highest since 98, my NH/NL data doesn't go back farther.

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