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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 672.07

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4:00 PM EST

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To: Doug R who wrote (2022)	12/16/1998 8:22:00 AM
From: HairBall	of 99985

Doug R: As always thanks for you input. It will be interesting to see how the Market plays out over the next few weeks. You are sounding bullish, the EWavers are pretty bearish, P&F is looking down medium term with some short-term upside for now. Sew is calling for a trading range. My stuff short/medium term indicators are on sells, but momentum is slowing. However, the long term trading channel of the IND is showing signs of rolling over. Could you have your associate create a chart showing that long term rising trend line we were both looking at the other day, using the lows of 11/94 and 7/96 and extend to the right. I believe I miss posted the 7/96 date as 10/96 the other day. My software program forces me to draw trend lines manually. The best I can get is one day projection of the IND (Dow Industrials Theoretical Data) Chart is 8800. That means the IND violated that trend line closing below Monday and then closed back above it yesterday (Tues). That long term trend line is offering support...will it hold? There is a lot of support in this area. (200 day SMA, 50 day SMA and this long term supporting trend line.) A lot for the Indice to break through to continue down, but if it does.... Regards, LG

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