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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 681.43+1.6%Nov 10 4:00 PM EST
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To: Square_Dealings who wrote (53163)6/6/2000 1:28:00 AM
From: Smooth Drive  Read Replies (1) of 99985
 
My last 1% P&F NAZ chart was here: Message 13795246. As of today's close, it looks like --

5060.73   X
5010.63   X O
4961.02   X O
4911.90   X O
4863.26   X O
4815.11   X O
4767.44 O X O
4720.24 O X O
4673.50 O X O
4627.23 O X O
4581.42 O X O X
4536.05 O X O X O
4491.14 O   O X O
4446.68     O X O X
4402.65     O X O X O
4359.06     O   O X O
4315.90         O X O
4273.17         O X O
4230.86         4 X O
4188.97         O X O
4147.50         O X O                             +
4106.43         O X O                           +
4065.77         O X O                         +
4025.52         O X O                       +
3985.66         O X O         *           +
3946.20         O X O         5 *       +
3907.13         O X O         X O *   +
3868.44         O X O         X O   *             X
3830.14         O X O X       X O +   *         + X
3792.22         O X O X O     X O X     *     +   X
3754.67         O X O X O X   X O X O     * +     X
3717.50         O X O X O X O X O X O     X *     X
3680.69         O   O X O X O X O X O   + X O *   X
3644.25             O X O X O X O X O +   X O   * X
3608.17             O X O X O X O   O X   X O     X   
3572.44             O X O X O X     O X O X O     X
3537.07             O X O X O       O X O X O     X
3502.05             O X O X *       O X O X O     X
3467.38             O X O X   *     O X O   O     X
3433.05             O X O X     *   O X     O     X
3399.06             O X O X       * O       O     X < DTBS
3365.40             O X O           *       O X   X
3332.08             O X *                   O X O X
3299.09             O X   *                 O X O X
3266.43             O X     *               O X O X
3234.09             O         *             O X O X
3202.07                         *           O X O X
3170.36                           *         O X O
3138.97       Bearish Support Lie > *       O X     +
3107.89                               *     O X   +
3077.12                                 *   O X +
3046.66                                   * O + < RBLSL
3016.49                                     *

You'll notice that when the current column of X's penetrated the Revised Bearish Resistance Line at 3608, then the Revised Bullish Support Line (RBLSL) took over and this chart chart became intermediate bullish.

When we got the double top buy signal (DTBS) at 3399 on the 30th, I purchased a few stocks. I did so because this is the third buy signal since the top at 5060 and, as I previously discussed, the legitimate bearish price objectives had been hit.

This 1% chart rarely goes over 20 X's or O's without a reversal. I expect one here or very near here. Notice how it's right at a Bullish Resistance Line, and another one is waiting at 4147.

The first bullish price objective off the bottom is 4147 (right at a Bullish Resistance Line). The breakout bullish price objective is incomplete (it's incomplete until a reversal down occurs) at 5817.

Take care,

Eric
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