MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 672.04

-1.7%

Nov 13 4:00 PM EST

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To: HairBall who wrote (81288)	8/9/2001 10:05:08 AM
From: eichler	Read Replies (3) of 99985

LG, My comment was not in opposition to the falling wedge which I have been aware of for quite some time, especially since I read your posts and recall clearly that you pointed it out as you mentioned near 7/11... My comment of trading range "of sorts" was in appreciation of how the comp really hasn't gone anywhere for a lengthy while. On 6/20 the comp was in the 1960 area. From there we hit a high of 2181, some 200 points higher. Today, we are right back in the 1960 area, exactly where we were on 6/20! I suspect we may have a semantical disagreement, where my comment of trading range is most likely not technically correct, but from a practical point of view seems close enough to me.... Also, the look of the 60 min compx this morning has D- on the ADX peaked and turning back down...so it appears that your expectation of an imminent low looks more likely than not. Also, stochastics are in oversold range. Also given how far price fell away from the ST downtrend line, it appears that a bounce back to the downtrend line at least could very well occur. Best, Eichler

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