MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 690.36

-0.5%

Jan 14 4:00 PM EST

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To: JRI who wrote (66964)	1/17/2001 9:31:04 AM
From: HairBall	Read Replies (1) of 99985

JRI: IF Naz composite breaks 2700...do you see anything stopping it (technically) on the way to 2900? This counter trend rally should be played by ear (real time). Above 2700 I have a horizontal resistance price action area at 2727 followed by the Sept 00 Falling Resistance Line (semi-log scale). A significant pop above the resistance line of the Oct 00 FTC will likely set up that resistance line to begin to act as support to any pullbacks. Yesterday, I got a buy signal per my "short-term" intraday indicators with the completion of the 13:45 ET 15-min bar. Back on 1/2 I expected a short to medium-term low pivot point to be put in place for the NAZ that day or on the 3rd. With today’s price action, the minimum requirement to satisfy a medium-term trend was satisfied. Regards, LG

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