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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 679.68

+0.7%

Nov 26 4:00 PM EST

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To: Lee Lichterman III who wrote (6742)	2/20/1999 3:20:00 AM
From: Lee Lichterman III	Read Replies (5) of 99985

Wanted to thank Monty for posting the charts again. I know it can be a pain to do. I also wanted to point out on my SPX chart that the yellow descending resistance line and the red support line are forming a descending triangle that will have to be resolved or violated this coming week. The Bullish scenario would have it continue to follow the upward fork, the bearish scenario would have it beak downward hard soon. However I am wondering about a fake move up before the collapse downward due to the way the indicators are lining up here. Is this considered legaly feasable in the TA rule book? <g> I am not sure if a triangle can go one way then reverse and fulfill the anticipated move and still have it considered a result of the formation. Any help Don or other chartists ? BKX reversed off hard resistance at 814 as expected. XOI fell through another level of support and though I have a few soft supports left there isn't anything firm until around 374 then 368, Scary! Telecom and insurance are looking short term bullish but almost everything else looks bad. A week without expiration will help clear the picture up a little. I have to go. Hopefully we can get a plan figured out this weekend. Lee

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