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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 672.07-1.7%Nov 13 4:00 PM EST
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To: Death Sphincter who wrote (9759)4/6/1999 12:32:00 AM
From: Vitas  Read Replies (1) of 99985
 
sTinKO ThEM, >>>if these numbers are broken to the upside, then i will look for the 1350 and 10,200...this will bother me in regards to the trendline<<<

>>>1350-1360 has always been a target....<<<

the spx trendline from 7-20-98 through 1-8-99 tomorrow is 1320

the spx trendline from 4-6-98 through 1-8-99 tomorrow is 1322.5

the spx trendline from 4-6-98 through 7-20-98 tomorrow is 1335.20

Now that minutia isn't as important as the fact that the McClellan
oscillator and the 5% and 10% indexes are getting very close to breaking out above down trendlines from November. In addition, LG has a trendline of the summation drawn in that may be important if we break above it, and we are very close. (as of 4/1/99)

homestead.com

If those oscillators were to break out, that would tend to indicate that the last few months were a consolidation prelude to a substantial run to the upside, essentially killing the stinko scenario.

So I can't see the spx hitting 1350-1360 right now, unless we are about to do a major break out.

A number of turning point days have been mentioned on the thread that are coming up. One possibility is a 188 day top cycle that arrives 4-19-99.

Is there an alternate count that allows for a failure at the SPX
1320 - 1322.5 trendlines now, and then a final rally into IRA day
which could nominally exceed the 1323 level you called for a couple
of weeks ago (nice one), and stay under the above rising trendlines?

Vitas

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