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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.43

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To: Daveyk who wrote (65414)	12/28/2000 11:11:28 PM
From: HairBall	Read Replies (1) of 99985

Dave kilty: I am expecting a partial retrace of this move up off the 12/21 lows. I was expecting the retrace to start for the NYA today, but it did not happen. All my NYA intraday technicals are overbought. Based on the INDU rising wedge pattern it should start some time tomorrow. This pullback for the NYA may well influence the COMPX, but the current rising wedge it is trading in and its intraday technicals allow for more upside. We may see a retrace in unison for the two major exchange Indexes or we may see a rising seesaw market once again as money rotates back and forth between Indexes. Note: The rising wedge in play for the COMPX is shallow enough that a strong rotation out of the NYA during its wedge retrace could provide enough buying to negate the COMPX wedge. Something to keep an eye on... My Intraday/Daily – INDU (Dow Jones 30 Industrials) 30-Minute Semi-log Chart I provided Fib retrace levels (orange), the Gann 50% retrace level (light purple) and my two retrace levels (light gray). lgscharts.homestead.com How to Interpret My Charts marketdirectionanalysis.homestead.com I will be away from my desk tomorrow as I will be entertaining guest from out of state. Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions.

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