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

To: DOUG H who wrote (48025)	4/25/2000 2:04:00 PM
From: HairBall	Read Replies (2) \| Respond to of 99985

DOUG H: Actually I am not exactly sure of what you ask. I looked for some reference to your 3250 bounce and could not find one on the NDX, NAZ Emini or NAZ Comp. I will assume for the sake of my response you are referring to the NDX (NASDAQ 100). The low and pivot (reversal) point yesterday was 3200.90. I have no trend line in play at the 3600 level today. Everything is below that range at this time. So, I really do not know how to answer you. I will say today's price action with a island reversal in progress at least so far on the SP & NAZ Emini's and the COMPX means this is a serious challenge to the current downturn, at the least short-term. However, resistance is holding firm so far. The COMPX is holding at the upper boundary of the gap down Monday. The NDX is holding below the low on April 4th and is also yielding to the falling resistance line show in the chart I posted earlier today. The NAZ Emini has yielded so far today to the falling resistance line shown on the chart I posted earlier today and continues to trade in the range of the upper boundary of the gap down Monday. Note should be given that the SP Emini, SPX and NYA have all broken clear and have room to move up before encountering SRLs or RLs. Today's initial price move set up a bullish chart pattern in several major indices. However, most have stalled at resistance. The current downtrend is being challenged but a additional break either way is needed to establish direction because of the stalled move at major resistance. Once again I would watch for the break and be careful for head fakes. I am playing this for a bullish break with tight stops in place... Regards, LG