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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: Teresa Lo who wrote (31793)	11/3/1999 11:19:00 AM
From: Teresa Lo	Read Replies (1) of 99985

Some thoughts on SPX recent price action and charts: On the S&P 500 Index can be one of two things. First is the head and shoulders top that everyone sees. From my perspective, the bounce at the neckline has already gone much too far to the upside for the pattern to be valid. intelligentspeculator.com Another perspective is that it could be in a falling wedge formation. If so, then a pullback to the downtrend line, where we also find the 20-day EMA and the 50-day MA would not be unusual or unexpected at this point. intelligentspeculator.com

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