MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.10

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Jan 23 4:00 PM EST

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To: HairBall who started this subject	1/8/2001 12:38:24 PM
From: KymarFye	Read Replies (1) of 99985

Seeing a lot of symmetrical triangles on Nasdaq intradays, mirrored by the composite itself (setting aside crosscurrents...)... break up or down should come as soon as everyone's done sleeping off the big hangover... might not be anything very exciting... about the most positive stuff I can come up with is that the trapdoor hasn't opened up yet, the sideways movement has at least broken the momentum/steep downtrend, the intraday RSI and stochastics have appeared to be inching upward from oversold territory (been there too long)... on the other hand, support tends to fail after being tested too long (especially in recent months), and there's no question about the major trend ... might need a feint downward to get even a noticeable rally...

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