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

To: Wayners who wrote (66450)	1/10/2001 1:23:14 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

Wayne Van Scoyoc: I don't have time to upload a chart at this time, but the NDX, Emini and QQQ all bounced at the rising support line from the 1-8 intraday lows. This is the next level of support to keep and eye on...and of course, semi-log scale. The negative in play for the NAZ is that the support lines are the support lines for rising wedge patterns formed during the rising price action off the 1-8 lows. That suggest a likely test of the rising support off the 1-3 low, but not a given! At the least a partial retrace of the formation. EDIT: A negation of the rising wedges would obviously be a positive. Regards, LG

To: Wayners who wrote (66450)	1/10/2001 1:23:46 PM
From: KymarFye	Read Replies (1) \| Respond to of 99985

Will frankly admit haven't the slightest idea which way this is going to play out... feels weak, but holding to support, horizontal as well as notional up-trend line through today's opening bars from 01/08 low... Have one last long position left, with tight stop, if it goes, I'll be like you, though not reluctant about the short stuff if the momentum builds that badly... rather unusual pattern on the Comp intraday... like a symmetrical pyramid I'll call it so as not to confuse it with "triangles".... be too easy to complete the right side... if it holds here, call it a sphinx, if it goes up, then it's a disturbingly and cruelly wide flag, or a confirming test of that possible trendline...