MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

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Nov 14 4:00 PM EST

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To: HairBall who started this subject	1/7/2001 10:14:11 PM
From: HairBall	Read Replies (3) of 99985

Charts for the weekend... My End of Day Chart - SPX (S&P 500) Weekly Semi-log The SPX has components from both of the major exchanges although it is more heavily influenced by NYSE issues. It has been producing a rounded top and trading down in a falling wedge. marketdirectionanalysis.homestead.com NAZ Charts The following charts reveal multiple supports coming into range just below Wednesday lows. A quick glance at NDX and QQQ charts would reveal that price support occurred right at both falling and horizontal support. Price action for the NAZ Indices (COMPX, NDX, QQQ and Emini all struggled Friday but found support near the Fib 61.8% retrace area. The shorter-term intraday technicals are in oversold, but both the med and longer-term intraday technicals suggest we may see more downside. Futures are vacillating as I type. If you are going to try a diving catch at the bottom, be sure and play it cautious. Leg in…<g> The daily chart (using 390 minutes) illustrates various support lines and resistance lines for your use. (Incorporate them if you choose.) Note I illustrated on the daily chart estimates as to when and where a sustained counter trend rally will peak. I think a less exuberant rally will result in a higher peak. As always I will be monitoring price action in real time as it intersects support/resistance lines to help determine action if any to be take at each intersection. My Intraday/Daily Chart- COMPX (NASDAQ Composite) Daily Semi-log marketdirectionanalysis.homestead.com My Intraday/Daily Chart- COMPX (NASDAQ Composite) 15-Minute Semi-log marketdirectionanalysis.homestead.com How to Interpret My Charts marketdirectionanalysis.homestead.com Note: I was going to upload commentary and several more charts to my web site this evening, but homestead was having problems. I was lucky to get these three charts uploaded. Sorry I could not get any NYA charts uploaded. If I can get them up before the open tomorrow, I will post them along with some comments as well. Good trading all... 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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