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

To: Michael Watkins who wrote (41318)	2/25/2000 10:38:00 AM
From: HairBall	Read Replies (2) \| Respond to of 99985

MW: SPX is up against the same short-term falling resistance line that turned it back on the 23rd.... My indicators are making me a little nervous today. I think we may see a trigger move... EDIT: Getting small...<g> Regards, LG

To: Michael Watkins who wrote (41318)	2/25/2000 12:18:00 PM
From: Rarebird	Read Replies (2) \| Respond to of 99985

<I wonder if the nasty gap down today in ADBE concerns you>. I mentioned before big money flows are very positive on ADOBE. Go Michael, Go Short ADBE, and while your at it, Go Short PUMA. I dare you.

To: Michael Watkins who wrote (41318)	2/26/2000 1:05:00 AM
From: Michael Watkins	Respond to of 99985

Interesting times this week. Well, after a fake to the downside a couple days ago, and now a move to the upside and pull back within this wedge - outlined in pink - now what? Should it resolve to the norm COMPX should move at least to the base of the wedge. First we need to see if a 2B top is formed at the upper blue 1-2-3 line; the second target will be the 20EMA; and following that the lower 1-2-3 line where things will start to get very interesting. intelligentspeculator.com Of course, COMPX could find support here at the upper blue line, so traders need to be aware of the potential for a move up. The INDU has completed its retracement to its lower trading range at 10081 and in fact broken through to the downside. What will be key is to watch any rally and failure of same. My opinion is that support was broken too far to the downside to allow for anything more than a token rally, but we shall see. 10081/85 is in my opinion more important than 10,000 although they shall probably hold or fail together due to the sentiment associated with 10,000. intelligentspeculator.com The SPX cash is even more interesting. Again, a weekly chart, we've seen a test of top develop over many weeks only to fail. Four weeks ago support held - the piercing candle at the upper confirmed this; however price has moved right back down taking out this support, confirming the downtrend. Completing the picture the SPX breaks and closes the Oct 1998 trendline. 1277 cash is the next major target where we then need to watch for a total failure on the weekly which would certainly be interesting... intelligentspeculator.com Interesting times. Other market commentary is posted here in real time during the trading day; past days can be viewed in the site archives. intelligentspeculator.com