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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (19447)	7/6/1999 12:36:00 AM
From: Smooth Drive	Read Replies (2) \| Respond to of 99985

Nice charts LG, Per our previous posts, I'll eventually be linking P&F charts at your MDA Web Site. In the mean time, here's a bit of the COMPX and NYA Composite P&F chart using a 10 X 30 chart. 1710 + 1690 X 1680 + 7 1670 X + X 1660 X O + X 1650 X O + X 1640 X O X + X X 1630 X X O X O + X O X 1620 X O X O X O + X O X 1610 X O X O X O + X O X 1600 X X O X O 5 X O X X O X + 1590 X O X O X O X O X X O X O X O + 1580 X O X O X O X O X O X O X O X X + 1570 4 O O X X O X O X O X O O X O X * 1560 X O X O X O O X O X O X O X * 1550 X O X O X * O X O O X O X 1540 X O O X * O O X X O X 1530 X O X * O X O X O X 1520 X O X * O X O X O X 1510 X O X * O X 6 X O 1500 X O X * O X O X 1490 X O X * O X O 1480 X O * O 1470 X * 1460 X * 1450 * From its low of 1480 on May 26th, its been up with three double top buy signals in a row. Notice too the rising bottoms. I wouldn't be surprised to see a pull back in this area, but -- I expect it to reverse back up and exceed these new levels. This chart is long term bullish (it's trading above its Bullish Support Line which is way down at 1350) and short term bullish (from the double top buy signal at 1650). Its bullish vertical count price objective calculated from the bottom of its last signal at 1480 is 1660 -- and the price objective from the first breakout leg is 1750. Reached a new high on July 1st, and a new high on the 2nd. Given that a) the High/Low Index I discussed here recently just gave a buy signal; b) the Optional Bullish Percent Index reversed up <these are short term indicators>; 3) the NYSE Bullish Percent is in a column of X's; and 4) the sentiment index that I post at the MDA Web Site is getting better, I'm short term bullish. Take care, Eric