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

To: HairBall who wrote (23655)	8/24/1999 2:37:00 AM
From: Smooth Drive	Respond to of 99985

Hello LG, Well -- your Overall Market Composite reversed back up today and gave a strong double top buy signal: * < Unofficial Bearish Res Line 1760 X * 1750 X O * 1740 X O * + 1730 X O * + 1720 X X O * + 1710 X O X O + * 1700 X O X O + * 1690 X O O + * 1680 7 O + 1670 X O X X 1660 X O X O X 1650 X O X O X X 1640 X X X O X O X O X 1630 X O X O X O O X O X 1620 X O X O X 8 X O 1610 X O X O X O X 1600 X O X X O X O X X + 1590 X O X O X O O X O X + 1580 X O X O X X * O X O X 1570 X O O X O X * O X O X 1560 X O X O X * O X O X 1550 O X O X * O O X 1540 O X X O X * + O X 1530 O X O X O X + * O X 1520 O X O X O X + * O 1510 O X 6 X O + * 1500 O X O X + * 1490 O X O + * 1480 O + < 1st Bullish Resistance Line The chart reversed down on Thursday, didn't move on Friday and then reversed up strongly today. You can see previous horizontal resistance right here at 1670, 1720 and then the all time high of 1760. For trend line resistance the unofficial Bearish Resistance Line is at 1690 and there's a Bullish Resistance Line up at 1740. The chart is long term bullish (trading above its Bullish Support Line down at 1450) and short term bullish (on a buy signal that occurred at 1610). Its vertical bullish price objective is 1910. As I mentioned the other day to Jerry, my High Low Bullish % Index reversed up on Thursday from 17% and it's already up to 30% (10 day MA of New Highs divided by New Highs plus New Lows). I expect the stocks above their 10 wma bullish % chart to also reverse up anyday. The short term indicators are turning up from the oversold area. The longer term is still bearish but I'm paying some commission fees right now. Take care, Eric