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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 683.47+0.6%Nov 28 4:00 PM EST
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To: Smooth Drive who wrote (20730)7/23/1999 1:59:00 AM
From: Smooth Drive  Read Replies (1) of 99985
 
Hello All,

In last night's post Message 10608118 relative to LG's NAZ and NYSE Composite Index I noted a High Pole Formation, which 80% of the time leads to a double bottom sell signal. And that's what we got today:

                                                     +
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 *   O < DB Sell
1670             X               +           +   X   * O
1660             X O           +           +     X     O
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                                   *

It's sitting right on a Bearish Support Line at 1660. Nearterm there's also a Bullish Resistance Line sitting at 1640 that may offer some support. (Btw, did anyone notice Wordens tip of the 21st "Did you know that within an uptrend previous tops are more valid support levels than previous bottoms? When the price approaches a previous bottom, it will probably go through.")

The chart is now long term bullish (trading above its Bullish Support Line all the way down at 1380) but short term bearish (from the double bottom sell signal at 1680). It's first incomplete bearish price objective is 1560.

Take care,

Eric
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