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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 652.56-1.5%4:00 PM EST
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To: pater tenebrarum who wrote (11876)4/23/1999 1:08:00 PM
From: StockOperator  Read Replies (3) of 99985
 
heinz,

Here we are at 10700 on the DOW with many charts exhibiting upward price pressure (attempting to break) their current CONSOLIDATING patterns. I think one of the key things to watch is the yield on the 30yr as well as the Utility index. This index is sitting right at long term support. If it breaks here it would be violating a trend established over the past couple of years. My interpretation of the way the pattern has developed is that it could indeed break to the upside which would ultimately cause rates to drop propelling this market higher. Which when you take things full circle, is why these consolidating patterns on the individual charts for both companies and indexes are indicating this possible break to the upside. So I think we may see a piece of news in the very near future that will impact our current interest rate environment. Of course a breakdown in the utilities (even temporary) could cause a sudden jolt to the avgs. However, I do not think this is the way things will play out.

I think that when this move is done and the correction begins many will be blown away by just how high things eventually went. So I do believe we're about to see another piece of the puzzle.

Good trading.

SO
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