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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 694.04

+0.7%

Jan 9 4:00 PM EST

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To: HairBall who started this subject	2/22/2001 9:02:18 AM
From: HairBall	Read Replies (4) of 99985

A few charts before the open... My End of Day – Daily Combination Performance Chart (NASDAQ Comp, NYSE Comp, S&P 500, Dow Industrials) On (1-2) the NAZ Comp closed lower (per the performance chart) than the Dow Ind for the first time in over two years. The next day a medium-term pivot low for the NAZ Comp was in place. On (2-20) the NAZ Comp closed lower than the INDU and again on the 21st. marketdirectionanalysis.homestead.com NAZ Comp Charts: The COMPX closed below the support line of the 1990 Rising Trading Channel, finding support just above the 1-3 low (2251.71). This is the first time the NAZ has closed below the 90 RTC support line since Oct 98. My intraday (multi time frame) technicals are mixed, but average heavily in the oversold range. My end of day technicals reveal the slow stochastic is oversold while my sht/med osc remains on a sale, for now, as the med/lng osc remains on a buy. If the NAZ Comp did not put in a intraday low Wed, I would look for one today with the 99 low (2192.68) offering strong support. I began to accumulate long positions in NAZ issues Wed for what I expect to be a tradable rally. My End of Day – COMPX (NASDAQ Composite) Daily Semi-log Chart marketdirectionanalysis.homestead.com My Intraday/Daily – COMPX (NASDAQ Composite) 65-Minute Semi-log Chart marketdirectionanalysis.homestead.com Note: Trading market turns in advance is speculative trading at best and should only be done with high risk capital (money you can afford to lose) or not at all. How to Interpret My Charts marketdirectionanalysis.homestead.com 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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