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

To: el paradisio who wrote (56468)	7/12/2000 2:50:12 PM
From: Les H	Read Replies (1) \| Respond to of 99985

Test of top on the September Nasdaq 100 markets.tradingtech.com Similar on September S&P 500

To: el paradisio who wrote (56468)	7/12/2000 10:57:58 PM
From: StockOperator	Read Replies (1) \| Respond to of 99985

el p, I agree with you. However, the triangle on the DOW has not been pierced yet, something I believe we will see over the next couple of weeks. Here's my take on what might happen the rest of the month. Once this pattern has been taken out, 11,200 on the DOW should be our next major obstacle. I am looking for prices overall to consolidate with a slight upward bias as the DOW challenges this resistance point. If this happens I believe August could be an explosive month. Perhaps the beginning of a new leg up. I say this because the patterns that have developed on the NAZ, RUT and S&P are very bullish, all pointing higher. The one concern that is in the forefront of my trading is this overall pattern of the DOW (diamond). The fact that we are attempting to break higher COULD be the headfake used to suck the most people in, if this pattern turns out to be bearish (always a possibility). Another major turning point in an individual sector could play out with the transports. We are at a major long term resistance point. A break here may signal a significant move, besides the implications for fuel prices which can be played with the futures. Resolution is close at hand. Good luck and nimble trading. SO