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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

+0.1%

Nov 7 4:00 PM EST

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To: HairBall who started this subject	12/28/2000 9:53:36 AM
From: HairBall	Read Replies (1) of 99985

As mentioned in my post yesterday the NYA was approaching its 10/30 adj falling resistance line. It is now just points away. The falling trend line is currently at the 656/7 level and falling. All my intraday technicals will be in the overbought range as this resistance is tested. As mentioned yesterday I expect a pullback. The COMPX bounced off its short-term rising support line of its rising trading channel off the 12/21 low. That support occurred at about the same level as the upper band of the 12/19-20 gap down. Most of my intraday technicals are close to the overbought range. So, there is some room for further upside before a retrace of recent gains, but the retrace could start at anytime and could be influenced by the NYA pullback. Regards, LG

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