MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

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Nov 14 4:00 PM EST

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To: StockOperator who wrote (13290)	5/9/1999
From: HairBall	Read Replies (2) of 99985

SO: The Market as measured by the Dow 30 Industrials, could correct Monday to the 6000 area and STILL remain in the long-term RISING trading channel established since the 87 peek and correction. (Note: I am not calling for that to happen.) In other words, the long term bull trend would not be broken if the DJI fell to the 6000/6100 area. I would consider it a major correction, if it went to that lower trend line, found support, consolidated and began to rise from there. However, if it penetrated the lower trend line of the very long-term rising channel with some follow through, then the bull rally which started in 82 would be in danger. This bull market actually began from a Dow below 800 in August of 1982. Just a note to help keep the perspective...and provoke some discussion. Regards, LG

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