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

To: flatsville who wrote (49782)	5/8/2000 2:05:00 PM
From: James Strauss	Read Replies (1) \| Respond to of 99985

Why do you say Naz 3720 is significant? I don't see it myself. Flat: Drawing a trendline that connects the recent tops and bottoms of price in the Nasdaq shows the upper and lower boundaries of support and resistance... Prices tend to find support or resistance on trendlines... Right now, that bottom trendline support area touches the 3720 area on the Nasdaq charts... Jim

To: flatsville who wrote (49782)	5/8/2000 2:15:00 PM
From: HairBall	Read Replies (2) \| Respond to of 99985

flatsville: I agree...I don't see the 3720 significance either. However, I do see a short-term support coming into play in the current trading range... I just logged on for a couple of hours and have been tracking a short position while I wait for delivery of one of my new computers today. I took delivery of the modular computer furniture this AM. My COMPX (NASDAQ Composite) 15-Minute Semi-Log Chart I know the chart is a little busy. Those that saw my earlier link recognize the bearish flag. (dark blue lines) I have also included some shorter-term formations and trend lines I use to intraday trade. They are illustrated in thinner lines. Note the rising support line coming into play as I type coupled with my 15-min stochastic in oversold territory. I expect a bounce or pause here... marketdirectionanalysis.homestead.com ------------------------------------------------- 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 (SRLs) 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, but on occasion are used to depict longer-term formations as well. ------------------------------------------------- Regards, LG PS: This took so long to upload, it may be over before I can this posted...at any rate the thin red line is a trend line to watch for support or failure...if broken additional support areas are on the chart...<g> EDIT: The thin red line is being tested as I post... 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 any one person's views or analysis. Do your own research and take responsibility for your investment decisions.