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

To: donald sew who wrote (32164)	11/4/1999 11:17:00 AM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 99985

Donald:" SPYder " >My short-term analysis is showing a hint of a technical breakout... ...on which chart/index, Don ? fwiw, my T/Analysis of SPY says just the opposite - that a DownTrend Line drawn from CLOSE 15-OCT roughly backwards to CLOSE 10-JUNE is exactly reflected by a parallel, upper, DownTrend trading range channel Line drawn from origin CLOSE 16-JULY through CLOSE 29-OCT. Which means DownTrend is still intact, but it's a wider channel. On SPY, we've got to challenge ~138.5 area; else we've just established a lower high in a more gradual, wider, intermediate-term DownTrend, imho. I've had this "possible" upper DownTrend Line floating around up there for some time, with origin 16-JUL but no confirming points. If we get another "souffle session" today with an afternoon collapse, I gotta take this area seriously and sell CCALLs here. ...note the hammer on the VIX.X Tuesday. -Steve