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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 695.560.0%4:00 PM EST
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To: Smooth Drive who wrote (29527)11/15/1999 1:47:00 AM
From: Smooth Drive  Read Replies (2) of 99985
 
LG'S OVERALL MARKET COMPOSITE INDEX

The 10 X 30 P&F chart of the OMC is banging up against the 2nd Bullish Resistance Line of the bottom. It's been below it since July. 

1930                                               +
1920                                             + X
1910                                           +   X
1900                                         + X   X
1890                                       +   X O X
1880    2ND BULLISH RESISTANCE LINE >    +     X O X
1870                                   +       X O
1860                                 +         X *
1850                               +           X   *
1840                             +             X     *
1830                           +               X
1820                         +                 X
1810                       +                   B
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 < 50 DAY MA
1730       +       X O X O   *   + X O     *   X
1720     + X       X O X O     *   X O     X * X
1710   +   X O     X O X O   +   * X O     X O X
1700       X O     X O X O +       X O     X O X
1690       X O X   X O X O X       X O X   X O
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                 + < BULLISH SUPPORT LINE
1500       
1490       
1480

Since approximately mid July, LG's OMC Index has been in the channel between the Bullish Support Line and the second Bullish Resistance Line of the bottom. Beginning in August, it's risen risen up to this resistance line four times, and been pushed back three. Is this the time for an upside breakout?

This is the longest column of X's (21) for this charts history. What a run! It did reverse down for one day on the 10th, but was right back up on the 11th and 12th. The NAZ is clearly driving this chart.

You can also see how extended it is above the 50 day moving average. Historically, when this chart gets this extended, it consolidates a bit. Its vertical bullish price objective was 1850. I would look for another pull back this week.

Take care,

Eric
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