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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.19

-0.8%

Nov 18 4:00 PM EST

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To: Moominoid who wrote (2046)	12/16/1998 10:09:00 AM
From: HighTech	Read Replies (1) of 99985

Looking at the daily chart in IBD at the Dow, it has broken the head and shoulders neckline to the downside and is now forming a downtrending "bullish" flag. Because the volume has not decreased during this flag, it is suspect and might be the start of a new downtrend. WJO's comments about the Dow in today's market page in IBD says it is forming a cup-and-handle formation and mentions that it is preferrable to see low volume during this "handle" formation. Because internals are still weakening and the high volume during the formation of this flag (handle), caution should be considered before adding to long positions. It would be safer to wait for a high-volume breakout one way or the other before initiating new longs or shorts. I am scaling out until the first of next year. HiTech

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