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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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Nov 21 4:00 PM EST

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To: Bosco who wrote (1672)	12/14/1998 9:59:00 AM
From: HairBall	Read Replies (1) of 99985

Bosco: OT Well so much for my suspicions. Now ON TOPIC... I don't usually post gut feels, however this weekend I unplugged from the Market a bit and have not done my usual analysis. I suspect that Donald will be dead on as usual and today's lows may well be a short-term bottom. Looking at the DJI (Dow Industrials Actual Data) daily and weekly chart suggest to me that the Market as measured by the Dow Industrials may find a bottom today and may well retrace back up to the 8900 area before resuming a down trend. I would look to today's move down to find support at the 200 day SMA the 8716 area, additional support will be found at the 50 day SMA at the 8678 area. In addition, a long term supporting trend line using the IND (Dow Industrials Theoretical Data) is in the neighborhood of the 200 day SMA. My software package is making it difficult to draw an accurate trend line for such a long trend. To view this trend line, connect the lows for 11/94 and 10/97 and extend to the right. This trend line should offer significant support, however my inaccurate plot is showing it penetrated at current levels. Doug R. also brought similar trends line up in a post last night. Maybe Doug or someone else can offer more accurate projections for both trend line mentioned above and below. Message 6820820 Next major supporting trend line, connect lows of 10/90 & 11/94 and extended to the right. It extends today to the 5600 area. (All extended plots are approximate numbers.) EDIT: Also additional support will be found in the 8500 area. The price action area of a Bull Flag during the recent rally. Good trading for all. Regards, LG

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