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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 690.31

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Dec 26 4:00 PM EST

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To: Paul Shread who wrote (53288)	6/7/2000 7:13:00 PM
From: HairBall	Read Replies (2) of 99985

Paul Shread: Just lurking while on break, but I noticed no one gave you a concrete answer on MDD, so I thought I would throw in my two cents and give you some feed back based on my work...<g> The NAZ Comp has NOT formed a bearish flag formation, whether you are looking at a linear or semi-log chart. Since you gave no defining references I assume you are measuring from today's low and pivot point. However, a bearish pennant or rising wedge formation was formed and negated. A formation I do not follow or trade could be identified as plot-able...a megaphone. The CSCO chart reveals similar price action patterns when compared to the NAZ Comp chart. However, a bearish flag has developed from yesterday's low for the NYA. I guess some have come up with a chart formation for every possible pattern, but I stick with the basics and most reliable patterns when I bet my money...<g> My QChart COMPX (NASDAQ Composite) 5-Minute Semi-Log Chart I included comments on the chart to better illustrate my interpretation. marketdirectionanalysis.homestead.com My QChart NYA (NYSE Composite) 5-Minute Semi-Log Chart The thin dark blue lines reveal the bearish flag formation. marketdirectionanalysis.homestead.com ------------------------------------------------- My QChart Trend Lines My charts are screen captured at (1024 x 768) and are best viewed at that resolution. Green lines are resistance trend lines or resistance horizontal price action areas. Red lines are supportive trend lines or supportive horizontal price action areas. Gray lines (SRLs) are either resistance trend lines, resistance price action areas, supportive trend lines or supportive price action areas that have been broken. They can now act as either support or resistance depending on price action. Dark blue lines are formation lines. Light blue lines are previous formations, but on occasion are used to depict longer-term formations as well. ------------------------------------------------- Hope the above helps... Regards, LG

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