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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

0.0%

Nov 14 4:00 PM EST

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To: donald sew who wrote (19129)	7/2/1999 2:07:00 AM
From: Gersh Avery	Read Replies (1) of 99985

Hi don Re hanging man and hammers. One of the main characteristics of these formations is very small, or nonexistent, bodies. These formations are the result of a change in direction during the course of the day. For example, the market has been in a down trend. It opens gap down, trades much lower, reverses mid day, runs up over the open and closes back to about the open. The result would be almost no body at all, a small upper shadow and large lower shadow. If the market were in a up trend then the upper shadow would be longer than the lower. These formations will look the same if they are at the wrong end of a trend, but will probably fail. Think of the market action that would make this type of formation. Say the trend was up. It opens slightly up then drops. It then reverses up into the close to hit near the open. To my mind this would say to me that the bears couldn't put her down. They'll need to try again later. Don't know if this is Kosher Candles but it's what they whisper to me. FWIW Gersh BTW data: On 7/1 the SPX closed just below the upper black fork tine. This tine should provide resistance and may send the index back down. This would reestablish the upper channel. Globex opening trigger values: Buy trigger : 210 (1394.2) Sell trigger : -210 (1390) Prem values for the day: buy trigger 13.25 fair value 11.15 sell trigger 9.05 Black fork tines: Upper : 1382.22 (1.27) Mid : 1346.65 (-34.3) Lower : 1311.08 (-69.87) INTC calls are calling me again .... on the pull back, of course.

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