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Strategies & Market Trends : MP - Market Pulse

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To: HairBall who started this subject	6/26/2001 11:00:59 AM
From: HairBall	Read Replies (2) of 1328

NYA & COMPX Intraday Charts… Comments: Both indices remain with in their falling wedges, at least so far. Even though falling wedges suggest an eventual move above their respective resistance lines, it is always a good idea to keep a close watch on the support lines for signs of a pattern negation. As mentioned last night, I would not be surprised if the market delivered a head fake before or after or both regarding the FOMC announcement concerning its action if any regarding rate cuts. Note: There are many calling for H&S pattern declines. Personally I shy away from these patterns as I have found them less reliable. However, it would be wise for all to keep an eye on them. If the wedge patterns I am favoring at this time or negated (I am wrong) then the H&S Patterns will have been the patterns that dominated. If the market proves your strategy wrong, don't fight it change your strategy, preserve your capital. There will always be another opportunity... My Qchart “Intraday” – COMPX (NASDAQ Comp) 65-Min Semi-log Chart marketdirectionanalysis.homestead.com My Qchart “Intraday” – NYA (NYSE Comp) 65-Min Semi-log Chart marketdirectionanalysis.homestead.com 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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