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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 687.70+0.7%4:00 PM EST
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To: gfs_1999 who wrote (65633)1/2/2001 9:11:27 PM
From: HairBall  Read Replies (1) of 99985
 
NDX/QQQ <----- Both found support near the close today at respective falling support lines and at horizontal price action support lines. My short and medium term intraday technicals are in the oversold area with the longer-term intraday technicals approaching the oversold area. (I always like it best when they all line up.)

I closed my QQQ short position as the price action intersected those support areas and went long with "some" reservation. The COMPX has a similar falling support line and horizontal price action support line albeit with an intersection a little above the 2200 area. So, I will be keeping a close eye on my long position. If the market continues to drop tomorrow I will be looking to cover and reinitiate a QQQ long position as the COMPX intersects the above mentioned support lines. That drop would likely bring my longer-term intraday technicals into the overbought range as well. In addition, lurking just below those support areas for the COMPX is its 1990 RTC support line at the 2200 area and rising.

The NAZ Indices are near a pivot if not placed today then likely tomorrow. I expect a tradable rally to follow, one which could be significant...

Regards,
LG
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