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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 681.76-1.1%Dec 12 4:00 PM EST
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To: HairBall who wrote (5369)2/3/1999 10:09:00 PM
From: Lee Lichterman III  Read Replies (2) of 99985
 
Thanks again Monty for posting the charts. A quick explanation of my DOW chart. Today's action violated the downward fork but the prior upward fork was violated yesterday. Today's close was right in between the two forks so I went with the channel as drawn. I expect another fork to show by the end of the week. Until then we can only use the mid and long term forks and see how this channel holds.

Note the stochastic on the SPX chart is getting to the over bought range soon despite the lower index price and my indicator (not shown) is even higher. (EDIT-clarification-lower price with higher stochastic is bearish) I had a question again yesterday about my lines. Yellow is resistance, red is supports, the light blue is long term forks, dark blue medium term and grey are very short term forks.

Reading around SI tonight, the views are all over the place. Some have us going to 1350 SPX, others have us tanking next week. Over on the Stock Attack thread, one of the "pros" says we should top in April then bottom in July. I can't see much to hold this market up past February-beginning of March myself. As I said, the stocks I chart didn't look real bullish to me other than a few bio techs, semi equips and MU. The rest of the chip makers were down which was odd also.

Looks like it could be a long night trying to figure this out. Another thing, the put prices actually went up on long term MU puts despite the 6 point run up in stock price. Tell me they don't know this puppy will drop sooner or later. <ng>

Lee
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