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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.38

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Nov 12 4:00 PM EST

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To: Teresa Lo who wrote (9460)	5/12/1999 3:51:00 AM
From: Teresa Lo	Read Replies (1) of 99985

Dow Industrials: Reverse Head and Shoulders Update Late last fall, we noted that a large reverse head and shoulders pattern had formed at the lows and that a neckline had been made at approximately 9,370. Where do we stand now? Head and shoulders is a technical pattern most investors are familiar with. The traditional formula to project this pattern is to measure the top of the head to the neckline and then add this number to the neckline area where price breaks out. Given this, we have a neckline at approximately 9,370 with the tops of, in this case, two heads, at approximately 7,400. Add the difference of 1,970 to the neckline at 9,370 and we have a measured move to 11,340. We are very near that figure now and we should monitor the market for any signs of distribution that could lead to an intermediate term top. In the meantime, the trend is up.

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