MDA - Market Direction Analysis Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.72

+0.4%

Nov 19 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: brian z who wrote (1612)	12/13/1998 10:02:00 PM
From: stockycd	Read Replies (1) of 99985

brian z and all, More thoughts... Well, SEA is down and as a result the futures are way down. Friday the Dow made an intraday low of 8730. Last week, we said that if we broke 8954 we would get to 8729 and consolidation would likely start. From what the daily Dow chart is looking like, Friday afternoon may have been all the consolidation we get. A distinct head and shoulders pattern has been formed since 10/29/98. We have completed the right shoulder and are starting down to the right side neckline. If this is the case, I am expecting next week to be down all week. There is support for the head and shoulders at 8420. What really pushed me over the edge was the action in the Transports on Friday. Guys, it's not looking good. Unless there is a major economic catastrophe, the 8100-7900 area for the Dow will support us. That's when I'll start going long. Even though the Nasdaq continues to show strength, the breadth is decidedly negative. So it's only a matter of time before the Nasdaq starts to fall. The RUT has been banging it's head against it's 200 day ma. If it doesn't pop up SOON (and I don't think it will) it should start falling. BTW, I did a detailed analysis on the DOW 30 this weekend. Man, if it wasn't for AT&T. Some of the components are getting fairly oversold short term. Watch for consolidation starting Tues/Weds. Keep your eyes open and good luck to everyone. My opinions only... Chris

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next