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

To: HairBall who wrote (66307)	1/8/2001 11:43:29 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 99985

My God you've got one hell of a thread here...! Taken me hours to scan 5 days.....! Good Grief...! <smile> There were fork Time Projections at 2:30-3:00 off the 60min Spx charts. That corresponded with a median line on the 60 min SPX charts as well and with a test of support on the indexes. There's also a bunch of old fork median lines centered in this area. GZ pointed out a diamond on the Nasdaq starting on the 21st, and it's roughed out on the SPX as well. The daily bar pattern on the indexes is a reversal trend bar and positive. Also some fib structures are at work, as well. Tomorrow has two other TP's at 1:30 and 2:30 which will be worth watching. Wed is a daily TP that is also a window to watch. Above this area on the SPX are two median lines crossing at about 1340-50..., that's my target. Friday is the 3rd day after the full moon and usually a good short. Will have to wait until Friday to suggest what kind of a top. I can project trend changes, but not the strength of moves. Although these are strong signals, my opinion here is that the SPX is in a downtrend and that should remain untouched. IMO only..., but I agree with Temple Williams, this is a downtrend to last years. One more note..., the Utilities should reverse off a major weekly median line and remain a strong sector. They are a key in the forward looking markets. My Best, Chip