SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : MDA - Market Direction Analysis
SPY 652.56-1.5%4:00 PM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Smooth Drive who wrote (22463)8/11/1999 1:03:00 AM
From: Smooth Drive  Read Replies (2) of 99985
 
Hello All,

LG's Overall Market Composite (OMC) reversed back down yesterday and today gave its third consecutive sell signal. One of the most negative P&F pattern is a High Pole Top, as opposed to a High Pole Formation. This is a High Pole Top because the top of 1760 was a new 52 week high.


                             *
1760                         X *
1750                         X O *
1740                         X O   * < Bearish Res Line
1730                         X O
1720                     X   X O
1710                     X O X O
1700                     X O X O
1690                     X O   O
1680                     7     O < Double Bottom Sell Signal
1670                     X     O X
1660                     X     O X O
1650                     X     O X O
1640 X               X   X     O X O
1630 X O             X O X     O   O
1620 X O             X O X         8 < D/B Sell Signal 
1610 X O             X O X         O
1600 X O X           X O X         O X
1590 X O X O         X O           O X O
1580 X O X O     X   X *           O X O
1570 X O   O     X O X   *       + O X O
1560 X     O     X O X     *   +   O X O
1550       O     X O X       +     O   O
1540       O X   X O X     +   * +     O < D/B Sell Signal
1530       O X O X O X   +     + *     O
1520       O X O X O X +     +     *   O
1510       O X 6 X O +     +         * 
1500       O X O X +     +             *
1490       O X O +     +                 *
1480       O   +     + < 1st Bullish Resistance Line

Today's close: 1546.74; with the 50 DMA at 1626.74; the 150 DMA at 1558.08 and the 200 DMA at 1484.93

So far it's passed through a number of support points, both horizontal and trend lines, since its high of 1760 on 7/16/99. We are now two boxes away from a Bearish Support Line and just 10 boxes away from the Bullish Support Line. If we penetrate this support line, the chart (market) would become long term bearish.

The 1st Bearish vertical price objective is 1500, and the 2nd is 1370. This chart is long term bullish (trading above its Bullish Support Line down at 1390) and short term bearish (on a sell signal at 1620). The Bullish Support Line was formed at the low of 910 which happened on 10/8/98. The unofficial Bearish Resistance Line up at 1740 is not official but it is in in control.

Take care,

Eric

Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News