MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.76

-1.1%

Dec 12 4:00 PM EST

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To: dennis michael patterson who wrote (4917)	1/29/1999 12:45:00 PM
From: donald sew	of 99985

INDEX UPDATE ++++++++++++++++++++++++++++++++++ Per my SHORT-TERM technicals, the overall market is in the overbought region and I am getting more and more CLASS SELL signals, some of which came yesterday with the buy-in time at todays highs. For those with the CLASS SELL signals ringing today the buy-in time will be MON's highs. Previously I have mentioned the PENNANT. Since I am eyeballing it it now appears that the APEX is on MON around 9325. Today we bounce right off both the upper and lower trendline of this PENNANT, and still within the parameters of the PENNANT so far. The range of this PENNANT for todays close is approximately 9250-9350(please keep in mind that these are closing prices not intraday prices. There is a ascending MINI-PITCHFORK with the PIVOT POINT at JAN 14 lows near 9100. The LOWER TRENDLINE of the PENANT shares is the same as the LOWER TRENDLINE of this MINI-PITCHFORK. So heres another chart formation within another formation. From my cycle analysis, I am suspecting the following: 1) pullback to start early next week (MON/TUE) 2) Bottom of the pullback to be near FEB 10 3) Another top to arrive around MAR 1-2. I am getting suspicious that this top may be the main top, and could be the beginning of the bigger decline. Seeya

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