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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

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Nov 21 4:00 PM EST

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To: HairBall who wrote ()	5/23/2000 7:29:00 AM
From: HairBall	Read Replies (5) of 99985

A few charts to start off the morning... My Wow COMPX (NASDAQ Composite) Daily Semi-Log Chart Monday it made a significant move toward the previous 90 Rising Trading Channel. marketdirectionanalysis.homestead.com My Wow NYA (NYSE Composite) Daily Semi-Log Chart Has basically been in a sideways trading pattern since July 99. My Osc are in the middle as a result. marketdirectionanalysis.homestead.com My Wow OMC (Overall Market Composite) Daily Semi-Log Chart I have not posted this chart for a while. marketdirectionanalysis.homestead.com My QChart COMPX (NASDAQ Composite) 60-Minute Semi-Log Chart All three of my intraday time interval stochastic indicators gave buy signals Monday in unison, coupled with the obvious test of the April low, the retrace was not unexpected. marketdirectionanalysis.homestead.com My QChart NYA (NYSE Composite) 60-Minute Semi-Log Chart As with the COMPX all three of my intraday stochastic indicators gave buy signals near the lows Monday. A retrace followed. marketdirectionanalysis.homestead.com My QChart INTC 60-Minute Semi-Log Chart As pointed out when I posted my INTC chart last Thursday, I expected the rising wedge to break to the norm and the falling resistance line to hold, it accommodated. Of course, the wedge formation is inside a larger bullish formation as others on MDD pointed out. marketdirectionanalysis.homestead.com My QChart QCOM 60-Minute Semi-Log Chart Mentioned when I posted the daily chart last week, I expected 82 to provide a retrace. After some downside over shoot Monday, the price action coiled around at the 82 area before beginning the retrace. marketdirectionanalysis.homestead.com Conclusion: The COMPX put in a lower low as it tested the April low. A retrace rally is in progress, look for previous support to act as resistance. Keep an eye on intraday indicators such as stochastic to spot the exhaustion point. The NYA is still trading in a range. However Monday, it both broke below the triangle support line and then quickly rallied back up to test it. This indice has been reluctant to give a clear direction for some time. Eventually I expect it to join the NAZ before a bottom is in. I will be on and off line during the day. Good trading all... Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions.

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