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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: HairBall who wrote (28900)10/11/1999 12:56:00 AM
From: Smooth Drive  Read Replies (2) of 99985
 
Hello LG,

I haven't posted the 10 X 30 P&F chart of your Overall Market Composite Index lately.

1760               X   *                         
1750               X O X *         X +
1740               X O X O *       X 
1730               X O X O   *   + X
1720       X       X O X O     *   X
1710       X O     X O X O   +   * X
1700       X O     X O X O +       X
1690       X O X   X O X O X       X
1680       X O 9 O X O   O X O X   X  
1670       X O X O X     O X O X O X   
1660       X O X O       O X O X O X 
1650   X   X O           O X O X A 
1640   X O X *           O   O +
1630   X O X   *             +
1620   X O       *         +
1610   X           *     +
1600   X             * +
1590 O X             + *
1580 O X           +     *
1570 O X         +         *
1560 O X       +             *
1550 O X     +                 *
1540 O X   +  < Revised Bullish  upport Line
1530 O X +    
1520 O +    
1510 +      
1500       
1490       
1480

As most readers know, your OMC looks at the entire market. The index has had two tops at 1760. The first one on 7/16/99 and the most recent and shown above on 9/10/99.

You can see the trading range that occurred over the last 5 or 6 columns and then a major breakout out on 10/04/99. This breakout is of note because a) it took out an unofficial Bearish Resistance Line at 1700; b) was a double and spread double top at 1690 and 1700; and c) was an upside breakout of a triangle.

Historically, the chart is now extended and in an area where we often get a pullback. No question there's big time horizontal resistance here and trend line resistance at a number of points beyond 1760. Bottom line here is the chart is depicting more strength than weakness. The official Bullish Support Line is down at 1560.

The first vertical bullish price objective is 1790. Think we'll see it soon?

Take care,

Eric
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