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Strategies & Market Trends : MDA - Market Direction Analysis

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To: Michael Watkins who wrote (41708)	2/28/2000 7:53:00 PM
From: HairBall	Read Replies (3) of 99985

Michael Watkins: Three charts with comments and support/resistance trend lines and price action areas displayed. My QChart NYA (NYSE Composite) 60-Minute Semi-Log Scale Chart Keep eye on the shortest-term falling resistance line to see if it holds. If not it is likely the longer-term falling resistance line displayed on the chart will be tested. If the Oct 99 low is broken the NYA will likely resume its down trend. marketdirectionanalysis.homestead.com My QChart COMPX (NASDAQ Composite) 60-Minute Semi-Log Scale Chart The COMPX pulled back from the upper trend line of its bearish wedge. It found support today in the area of its lower trend line. A break to the norm of a rising wedge in a uptrend is down, portending at least a retrace of some of the formation. marketdirectionanalysis.homestead.com My QChart CSCO 15-Minute Semi-Log Scale Chart I went short at 136. If the NASDAQ pulls back, I don't think it will do it leaving CSCO at current levels. marketdirectionanalysis.homestead.com ------------------------------------------------- My QChart Trend Lines Green lines are resistance trend lines or resistance horizontal price action areas. Red lines are supportive trend lines or supportive horizontal price action areas. Gray lines are either resistance trend lines, resistance price action areas, supportive trend lines or supportive price action areas that have been broken. They can now act as either support or resistance depending on price action. Dark blue lines are formation lines. Light blue lines are previous formations. ------------------------------------------------- Regards, LG

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