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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 662.72+0.4%4:00 PM EST
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To: Stephen who wrote (17411)6/15/1999 12:30:00 PM
From: HairBall  Read Replies (1) of 99985
 
Stephen: No problem my man...<g> What are you drinking, (bartender LG)...<g>

To ALL: Last week I displayed on my chart page as the "featured stock chart" Daily views of GE...I originally displayed a QCharts chart, but Friday evening I replaced it with my traditional Window on Wall Street Chart.

In my post last week, I pointed out that a descending triangle (GE Chart looking pretty bearish) is normally viewed by the "experts" as a bearish formation. However, I noted per my own experience these formations usually follow the trend and are rarely found as reversal patterns of ascending trends. The upper descending trend line of that descending triangle of GE has been penetrated to the "upside". I doubt many expected this last week. Caution is in order, as I believe the S/MMs have been “head faking” formations and support/resistance areas more than usual as of late.

This "bears" watching to see if GE can manage a follow through to the upside and resolution of this pattern.

Note...chart formations are not 100%.

Regards,
LG

Disclaimer: My posts are my opinions only and I reserve the right to be wrong on occasion. Do not base any investment decision solely on anyone's views or analysis. Do your own research and take responsibility for your own investment decisions.
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