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

To: Compadre who wrote (34604)	12/3/1999 6:43:00 AM
From: GROUND ZERO™	Read Replies (2) \| Respond to of 99985

I think these averages are now poised for a major move higher... I'm staying long my positions..... GZ

To: Compadre who wrote (34604)	12/3/1999 7:16:00 AM
From: HairBall	Read Replies (3) \| Respond to of 99985

Jamie Choy: Howdy JC, The market has been heading up, but I suspect it will begin a pull back today. There are short-term bearish formations in play on many of the major indexes, most obvious on the ten-minute bars. I decided to post two E-mini Futures charts as examples. But these formations exist on the NYA, COMPX and SPX as well. My QChart - ES99Z (S&P 500 E-mini Futures, December) 30-Minute Semi-log Chart homestead.com My QChart - NQ99Z (NASDAQ E-mini Futures, December) 30-Minute Semi-log Chart homestead.com Rising wedges usual break down for a at least a retrace of the formation and often a continuation of the trend they began from. However, the shorter the term of a formation, the less reliable. A negation of these formations would be fairly bullish. Keep an eye on the trend lines that make up the formations for a resolution. I do not see a lot of room for adjustments to the formations, but that is often a consideration. Based on the current formations, I expect a break today. Both the stochastic and MACD in several intraday time frames coupled with the daily time frame as well, support this expectation. With the reports due out today, let's see if the news supports the TA as it often does. ------------------------------------------------- My QChart Trend Lines Green lines are resistance trend lines or resistance horizontal price action areas. Red lines are supportive trend lines or supportive horizontal price action areas. Gray lines are either resistance trend lines, resistance price action areas, supportive trend lines or supportive price action areas that have been broken. They can now act as either support or resistance depending on price action. Dark blue lines are formation lines. Light blue lines are previous formations. ------------------------------------------------- Note, charting is not 100%. Good trading all... Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on anyone person's views or analysis. Do your own research and take responsibility for your investment decisions.