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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 679.68

+0.7%

Nov 26 4:00 PM EST

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To: bobby beara who wrote (49922)	5/9/2000 10:46:00 AM
From: HairBall	Read Replies (2) of 99985

bobby beara and all: COMPX <----- Testing lower trend line of its bearish flag (a rising consolidation pattern). Additional support coming in just above this area at the previous upper descending trend line (now falling SRL) of the adjusted pennant formation and just below at the upper boundary of the gap up on 4/24-25 (3592/5) should provide additional support. Per my varying interval intraday charts the technical indicators are mixed. I would expect a bounce from here but no guarantee...a break down with out a bounce/pause would be extremely bearish! Note: The NDX has a little further to decline to reach the lower boundary of its flag. So some over shoot could occur for the COMPX, if indeed we get that bounce! EDIT: Before I could get this thought typed, the COMPX penetrated the above supports and the NDX is testing its lower trend line...I expect that bounce/pause, but I am not sure if it will be tradable. (For reference see the charts I linked yesterday.) Additional Note: Anyone that wants to make some fairly easy money should be tracking TERN. It has been an easy technical trade up and down with little variance. Be sure and use stop loss, as it does move dramatically. It is in a rising consolidation pattern starting from the 4/17 low. It is near the lower rising trend line as I type! The NAZ Emini has been a good leading indicator as well, at least so far! Good trading all... Regards, LG

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