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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.47

+0.6%

Nov 28 4:00 PM EST

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To: HairBall who wrote (132)	12/3/1998 11:33:00 AM
From: Arik T.G.	of 99985

Welcome back. Re: SPX Since it didn't cross over 1080, I believe that the reversal pattern formed between 11/23 and 11/30 is intact, pointing to at least mid 1140s, most probably 1120s, and maybe more. The reversal started with: 11/23- exhaustion gap up, and a white whatsisname, 11/24- bearish harami 11/27- a fake new high on very light half day trading 11/30- small gap down and nasty sell off at the close : a black whatisname. The whole pattern also made an expanding top formation (David Stern, if you read this, it's same page we looked at last time on the T.A. textbook), with slightly higher highs and slightly lower lows. Then from 12/1 lows till this morning we've got a rising wedge. I believe we should break down from it today before the close. If we manage to trade over 1180 then the reversal formation is nullified. IMO small chance for that happening, but that would tell me to close my short. The intraday chart points to minimal target of 1140s, but the daily chart asks for 1120s. ATG

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