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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 668.73

+1.5%

Nov 24 4:00 PM EST

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To: ken-l who wrote (67997)	1/30/2001 4:46:35 PM
From: HairBall	Read Replies (3) of 99985

ken-l: I don't agree that a bullish flag formed from the 2890.57 high back on 1/24. You can draw a falling resistance line of the 1/24 high and today's high, but there is no equivalent support line, unless you use a single point anchored parallel line for support. I do draw those in occasionally for reference only (until they prove themselves)...<g> I have been tracking a rising channel off the secondary low on 1/26. Price action moved sideways out of it today in an intraday bullish consolidation pattern. The COMPX continues to trade (for the most part) inside a larger rising channel off the 1/3 low with some penetrations of the resistance line. As long as the 1/3 rising support line holds the index is moving higher. Riding the ripples of this move for the most part has been fairly easy, until today...with this choppy sideways movement off my expected pivot high yesterday. QQQ I have not been trading any NYSE issues as of late, but the NYA acceleration to the upside today has me suspicious of this move with the Fed announcement tomorrow... EDIT: Grub 68K...<g> Regards, LG

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