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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: bobby beara who wrote (51860)5/23/2000 7:34:00 PM
From: John T.  Read Replies (2) of 99985
 
Bobby, I think your coordinates or instructions on AXP were off. I don't get anything when I connected the dots between 1/6 and 4/14 and today's close. However, I think I see what you are talking about:

1) Symmetrical Triangle on AXP - upper line across the highs of 4/26 and 5/16; lower line under the lows of 5/3 and 5/22. Volume drying up during the triangle. Since AXP up trended into the triangle, it implies that AXP will break out of the triangle to the upside. The up side break out price is around 52 3/8.

2) Large Inverse Head and Shoulders on AXP -- head at low on 3/8; left shoulder at low on 1/6; right shoulder at low on 4/14. Neckline slanting down to the right across the highs of 2/1 and 4/26. Break out about 52 1/2.

Hmmmm...OK, I would conclude that AXP is poised to break out to the up side.

Now, Bobby, what does that mean for the general market direction? Please answer fully and completely! <g> Also, please type real slow so that I'll understand. <gg>
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