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

To: Tai Jin who wrote (27217)	9/25/1999 10:05:00 PM
From: Dwight E. Karlsen	Respond to of 99985

I see the SPX in a large descending triangle since the peak in July with support currently at the 200dma (or view it as an H&S with left shoulder established in April). If support holds then we'll probably get a bounce to around 1330 testing the downtrend line. My chart shows the 200dma at 1300. SPX is at 1277 currently (going as low as 1263 intraday on Friday), so I believe it can be concluded that support did not hold. Previous support generally means resistance trying to go back up. At least, that's my understanding. bigcharts.com