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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 660.19-0.8%4:00 PM EST
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To: Smooth Drive who wrote (29527)10/30/1999 11:17:00 PM
From: Smooth Drive   of 99985
 
LG'S OVERALL MARKET COMPOSITE INDEX

The 10 X 30 P&F chart of the OMC reversed is at an all time high.

1800                                       X
1790                                       X
1780                                       X
1770                               *     + X
1760               X   *           X * +   X          
1750               X O X *         X O *   X
1740               X O X O *       X O   * X 
1730               X O X O   *   + X O     X
1720       X       X O X O     *   X O     X
1710       X O     X O X O   +   * X O   + X
1700       X O     X O X O +       X O +   X
1690       X O X   X O X O X       X O X   X
1680       X O 9 O X O   O X O X   X O X O X
1670       X O X O X     O X O X O X O X O X   
1660       X O X O       O X O X O X O X O
1650   X   X O           O X O X A   O X *
1640   X O X *           O   O       O X   *
1630   X O X   *                     O X     *
1620   X O       *                   O X
1610   X           *                 O
1600   X             *  
1590 O X                
1580 O X                  
1570 O X                    
1560 O X                      
1550 O X                        
1540 O X                                     
1530 O X      
1520 O      
1510        
1500       
1490       
1480

Wow! The previous high of 1760 had been hit and turned back three previous times. The current column of X's passed right through 1) the Bullish Resistance Line at 1720; 2) the Bearish Resistance Line at 1730 3) horizontal resistance at 1760; and 4) a Bullish Resistance Line at 1780. The next Bullish Resistance Line is at 1840.

The first bullish price objective off the bottom is 1850, and the breakout price objective is an incomplete count of 2030.

This chart (as well as a number of indexes) is extended. I would expect a pull back early next week. But, with the New High New Low Bullish % Index and the Optional Stocks Bullish % Index reversing to the upside, I say we're going higher. I'm short and intermediate term bullish.

Take care,

Eric
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