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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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To: HairBall who wrote (22333)	8/6/1999 1:27:00 PM
From: j.o.	Read Replies (1) of 99985

Take a look at the Euro - it's now breaking down out of a H&S formation on the 10-min. chart. That should give some support to the market here. But the Dow is not looking great, and the S&P is about to break down from a H&S of its own. I am finding that these markets are doing a lot of "head fakes" these days - leads to second-guessing oneself, and doesn't make charting any easier. I'm going to hold on to my longs for now and see how this plays out, but my stops on SPX are near. I have more room on the NDX. Definitely not a market to turn your back on - once it starts moving, it gets where it's going quite quickly. <ggg> Thanks for the ref. on the resistance line - I'm going to keep an eye as well. I agree that it has to go before the larger trend can be considered "reversed". j.o indextrade.com

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