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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.08

-0.8%

Nov 18 4:00 PM EST

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To: John Madarasz who wrote (62347)	11/13/2000 10:39:02 AM
From: HairBall	of 99985

John Madarasz: Actually 10/12/00 was the first close within the channel since only one in mid 99. However, for the most part, the testing of the upper trend line during early to mid 99 was a bullish consolidation building for the final blow off run into 2000. I am sure I received more than a few raised eyebrows when I posted at the first of this year, I expected the NAZ Comp's price action to re-enter the channel later this year. AllansAlias has recently started posting charts illustrating the 90 Rising Trading Channel, I am flattered...<g> However he is illustrating it differently than I have since Jan 99 and IMO incorrectly. Price action has now firmly re-enter the channel. The question is how strong will the upper trend line act as resistance, as a retest from underneath is likely. Once that question is resolved we will know if we should turn our attention to the lower trend line or not! Good trading... Regards, LG

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