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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 671.910.0%Nov 14 4:00 PM EST
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To: Teresa Lo who wrote (25440)9/10/1999 9:07:00 AM
From: HairBall  Read Replies (2) of 99985
 
IS.Com: The S&P 500 Index is in a trading range on the weekly chart. On the daily chart, we can see that the trading range has contracted over the past several months to form a triangle, confirmed by the amazon.com. Average Directional Index (ADX). The market is ready to make a decisive move shortly. All it is waiting for is a catalyst.

Charts specific to these comments have been posted to
intelligentspeculator.com;

I tend to follow the NYA and COMPX more than the SPX, but I have that triangle identified on my chart as well. Of course, my charts are semi-log but the interpretation of both linear and semi-log charts for that formation is indeed bullish. (IMO) Just thought that should be pointed out!

Of course, chart formations are not 100%. But the longer-term the chart the more reliable the formation, if it is indeed a reliable formation.

Note: In 1998 approximately 50 issues achieved the rise in the SPX 500 Index, this year it has been less than 30. The rally narrows.

Regards,
LG

Disclaimer: The above is my opinion only and I reserve the right to be wrong. Do not base any investment decision solely on anyone person's views or analysis. Do your own research and take responsibility for your investment decisions.
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