MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.31

-1.1%

Nov 6 4:00 PM EST

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To: Chris who wrote (52404)	5/27/2000 4:44:00 PM
From: HairBall	Read Replies (1) of 99985

Chris: I am been tracking that channel for several years now. There is also a 74 Rising Trading Channel I have included on the chart in the past. I left it off this chart today, but I will likely add it back before the next update. I suspect we will see a bounce/rally (bearish consolidation pattern) at or slightly above the upper channel trend line, prior to entry back into the channel. The pivot for that pattern was likely put in place Wednesday. As the weekly stochastic indicates, the COMPX is oversold. You and others might note the increasing volume from Oct 99 to Mar 00. I believe this sharp rally was engineered and used to distribute. I was pointing this out from Nov 99 on... Please note, it is a log chart. I look forward to your feedback! Regards, LG

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