MDA - Market Direction Analysis Message Board

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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: HairBall who wrote (3364)	1/7/1999 12:20:00 AM
From: Art C.	Read Replies (1) of 99985

You are correct on that, LG. I wouldn't bet the farm on a pattern. Sometimes wishful thinking can paint pretty pictures. I'm having a little trouble seeing a reverse head and shoulders on the chart. I don't believe that the market has been in enough of a downtrend to constitute a head and shoulders, plus---usually volume tends to diminish during the creation of the shoulders--I don't see that either. What I do see, though, is that the market is getting close to the overbought area, and there is a negative divergence with MACD--both weekly and daily. Who knows? There's a lot of money pouring into the market right now. Art

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