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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.08

-0.8%

Nov 18 4:00 PM EST

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To: James F. Hopkins who wrote (21274)	7/28/1999 12:24:00 PM
From: HairBall	Read Replies (3) of 99985

Captain: The Market's chart path has been pretty much as expected this week, so far. As mentioned in my "Chart Breakdown" on the MDA Web Site, the TRAN and UTIL need to reverse their bearish charts. The UTIL has broken to the downside as signaled by the rising wedge and the TRAN is still oscillating in a bearish triangle with some underlying chart patterns that could be viewed as bullish. The TRAN seems to be struggling to stay above support. IMO, both must improve for this rally to really have legs. In addition, I expected the upper ascending trend line of the rising wedge of the TYX to act a strong resistance to rates. So far, the TYX has fallen short of rising that high. Note: How do you view the QQQ'a better performance compared to the NDX so far today? Regards, LG

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