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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: donald sew who wrote (11083)	4/15/1999 9:10:00 AM
From: Lee Lichterman III	Read Replies (1) of 99985

Well futures are up so this may be an exercise in futility but ... I expected the SPX to have a bounce point of at least temporary support around 1320 from a line connecting the March 18 highs with 29-30 March support. This same line would have given support at around 660 OEX. There was mild support at DOW 10200 from the action on the 8th then a little stronger from the 9th-10th. The line that I expected to support the SPX and OEX equated to the DOW 10K mark. I obviously have multiple charts of the indexes and can't post them all due to space but the line that held this last rally was the one I spoke of in our chat session Monday night. It isn't a fork but a boring old channel drawn from the lows of Oct 28, Dec 15th, Feb 11th and Mar 3rd for the slope. A parallel line connecting the highs of Nov 24 and just missing the Jan 8th peak was slightly penetrated yesterday then contained the attempt. I am watching closely to see if it holds today. If it repels the DOW and we have a down cycle, it should drop to around 9900 due to the rising support line that is now at 9630 but will take time to drop to the line. I am off to work, Good Luck, Lee

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