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

To: HairBall who wrote (70341)	2/24/2001 11:25:20 AM
From: Nazbuster	Respond to of 99985

LOL.. I especially love the "6 secs since last update" in the lower left corner.. all too familiar.. EDIT: in fairness, guess it's normal for low activity on a Saturday <G>

To: HairBall who wrote (70341)	2/24/2001 12:05:17 PM
From: JRI	Respond to of 99985

LG- Great call again....given that the pivot point turned out to be a Fibo retracement from a longer trend, one would think this bounce could have some oompf. 2 quick questions: Could one draw an addition resistance line- starting exactly where the current downward sloping pattern, "upper channel" resistance line (starting in early Feb.) does, and upon which, it looks like the Naz currently sits....could one draw an addition resistance line across the top of the candlestick in which (bull trap/false breakout) the naz broke above the downward channel for a brief time (a week ago Thurs.?), but then reverted back...i believe this new line, which looks like it would come out somewhere in the 2300s, would be a 2 touch line only....would that be a valid line? Something to look for as resistance on the move up? Would it be considered weak resistance? (since the previous "upper" channel line has several touches).. Also, do you put any creedence in the various cycles that seem to be pointing toward a March 8/9th low (possible retest/lower low)...which would seem to cap upside to any rally here....maybe up to gap in mid-2500s? Any expectations for this rally? Resistance points to look for? Thanks in advance if you can answer these questions in whole or part...