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

To: bobby beara who wrote (27175)	9/25/1999 2:48:00 AM
From: Berney	Read Replies (1) \| Respond to of 99985

bb, A Reality Check for the Weekend Let's just look at OEX. It sure looks to me like a pennant was created off the high of 8/25 with a multi-tested base of, let's call it, 685. Now, while this situation can correct itself, the broken pennant projects to about 645. Probably not a great surprise that this is the area of support from the weekly up tend line, the EMA and horizontal support. Further, I've got your Line in the Sand, that projected the extent of the breakout to 735, at about 676. For the record, I see the same broken pennant on the S&P. While this reflects a potential down side potential of about 4%, it probably doesn't represent the end of the world. Berney