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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 683.47+0.6%4:00 PM EST
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To: Smooth Drive who wrote (20656)7/22/1999 1:35:00 AM
From: Smooth Drive  Read Replies (2) of 99985
 
Hello All,

Here's a bit of LG's COMPX and NYA Composite P&F chart using a 10 X 30 chart.

                                                     +
1760                                               + X *
1750                                             +   X O *
1740                                           +     X O
1730                                         +       X O
1720                                       +     X   X O < High Pole
1710                                     +       X O X O
1700                                   +         X O X O
1690                                 +           X O   O
1680                               +           + 7 *
1670             X               +           +   X   *
1660             X O           +           +     X     *
1650             X O         +           +       X
1640             X O       + X         +     X   X
1630     X       X O     +   X O     +       X O X
1620     X O     X O   +     X O   +         X O X
1610     X O     X O +       X O +           X O X
1600 X   X O     X O 5       X O X           X O X  
1590 X O X O     X O X O X   X O X O         X O  
1580 X O X O     X O X O X O X O X O     X   X *
1570 4 O   O X   X O X O X O X O   O     X O X   *
1560 X     O X O X O   O X O X     O     X O X     *
1550 X     O X O X *   O X O       O     X O X       *
1540 X     O   O X   * O           O X   X O X         *
1530 X         O X     *           O X O X O X
1520 X         O X       *         O X O X O X
1510 X         O X         *       O X 6 X O
1500 X         O X           *     O X O X
1490 X         O X             *   O X O
1480 X         O                 * O
1470 X                             *
1460 X                               *
1450                                   *

From its low of 1480 on May 26th, its been up with four double top buy signals in a row. Nice pattern of rising bottoms and tops. But -- that was then.... Hit an all time high of 1760 on 7/16/99 but reversed down yesterday to 1690. The current pattern is a High Pole Formation and these occur when you get a minimum of 3 X's above the previous column of X's and then a reversal down of more than 50% of the X's. In this case the last column of X's had 7 in the column and it gave up more than 50% (4 O's) as noted above. High Pole's have an 80% chance of a double bottom sell signal (which would occur at 1680 if one more O is added). And I think that will happen.

Today's close is 1704.63 with the 50 DMA at 1614.58, the 150 DMA at 1534.13 and the 200 DMA at 1444.17

Take care,

Eric


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