MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

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Dec 5 4:00 PM EST

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To: HairBall who wrote ()	6/21/2000 9:38:00 AM
From: HairBall	Read Replies (3) of 99985

To All: Three charts to start off the morning...sorry they are a little late. I wanted to get them posted before the open, but I was interrupted... My QChart COMPX (NASDAQ Composite Index) 60-Minute Semi-Log Chart This index managed to move and close above the previous recent high on 6/1 (3982.38). This removed the lower high component of the downtrend that began in March. As I type the futures are indicating a move back below this import. This SRL area remains important. Yesterday my intraday indicators lined up in the overbought area, with most in sell signals by mid day. marketdirectionanalysis.homestead.com My QChart NYA (NYSE Composite Index) 60-Minute Semi-Log Chart This index has two formations in play, a ascending triangle and a rising wedge. Both sharing the lower trend line (which is a longer-term rising support line) as a common component. My intraday indicators are mostly in the oversold area, but more downside movement needed before the 60-min indicator enters oversold. marketdirectionanalysis.homestead.com My QChart VIX (Value Line Geometric Index) Daily Semi-Log Chart The current coil originated from almost a sideways trend with a slight bias to the downside. This coil should reveal the direction of the market when it finally breaks above or below the bounding trend lines. Since the bias was to the down side, even though slight it should be a hint of direction. marketdirectionanalysis.homestead.com Conclusion: Rotation once again has the two major indexes diverging. I would look for that rotation to stabilize and movement in the two major indexes to begin to be in the same direction with leadership alternating as the indexes converge. The COMPX and NYA have rallied to decision points. At this point I am going to just allow the market to tell me which way it is going by watching for breaks of the major SRLs. With the bounding SRLs for the NYA being the closest to converging, this Index may be the one that signals first. ------------------------------------------------- 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. ------------------------------------------------- Regards, LG

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