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

To: HairBall who wrote (41760)	2/29/2000 3:59:00 PM
From: Michael Watkins	Respond to of 99985

I shouldn't even be trading today, had other plans but here I am. Took all day for the Nasdaq futures to make a new high for the day. Will be interesting to see what happens tomorrow. The DOW pulled back under 10156 for a few minutes - and moved back up for now. Perhaps its going to stick, perhaps not. If it returns under there I think we shall see some resumption of the sell off to come. But nothing will be really certain until the ND futures head below today's low again... I'm patient! Congrats on your kite flying! Wish I could join you but I'm solely trading futures and indexes now since I'm not trading full time. I'm sure you aren't carrying many wild kites long overnight... ;)

To: HairBall who wrote (41760)	2/29/2000 5:15:00 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

My chart contributions for this evening...(for those that find them of use)...notes are on the charts...<g> My QChart S&P 500 Emini (March Futures Contract) 60-Minute Semi-Log Scale Chart marketdirectionanalysis.homestead.com My QChart NASDAQ Emini (March Futures Contract) 60-Minute Semi-Log Scale Chart marketdirectionanalysis.homestead.com My QChart NYA (NYSE Composite) 60-Minute Semi-Log Scale Chart marketdirectionanalysis.homestead.com My QChart COMPX (NASDAQ Composite) 60-Minute Semi-Log Scale Chart marketdirectionanalysis.homestead.com I expect the wedge formations for the NYA and S&P 500 Emini to lead to a partial retrace and a resumption of the down tend. I expect the wedge formations for the COMPX and NAZ Emini to lead to at least a significant retrace of the formations and likely lead to a reversal in trend...time will tell! Note: Plotting formations coupled with support/resistance lines & areas can confirm or negate one's expectations. Either way, appropriate action can be taken. ------------------------------------------------- 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. ------------------------------------------------- Regards, LG