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 683.47

+0.6%

Nov 28 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Lee Lichterman III who wrote (4796)	1/28/1999 3:46:00 AM
From: donald sew	Read Replies (2) of 99985

Lee, I just spotted something. Within the last 6-8 days (dont have my charts up) there appears to be a tiny pennant in the process with the APEX arriving tomorrow or Friday and price target around 9300. The lower trendline has a sharp incline any significant drop as early as tomorrow would break this pennant to the downside. You can see the pennant better with a 60-min chart. Im not sure if it is a legitimate pennant but Im getting a feeling that a strong move down could happen sooner than I had planned. Previously I mentioned I may wait till early next week in light of the end of month rally, but that may be too late if I am correct about this pennant. Anyone else see this pennant? Also per the 60-min chart there was a mini-ascending-pitchfork and the DOW is sitting right on the lower trendline of the pitchfork(PIVOT POINT = JAN 14 lows around 9100). A intraday decline would negate that ascending-pitchfork and put it into the next pitchfork which would be descending(PIVOT POINT = JAN 20 highs around 9480). A few days ago I had some DOW stocks with CLASS 1 BUY signals and they moved up only slightly yesterday with many going lower today. Not a great sign of strength. Even though the DOW 30 is in the mid-range per my technicals, most of the individual issues are at CLASS 1 BUY territory, but they just aint moving. Seeya

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next