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

To: el paradisio who wrote (77296)	5/22/2001 9:42:48 AM
From: HairBall	Read Replies (2) \| Respond to of 99985

el paradisio: Don't confuse the COMPX (NAZ Comp) Adj 90 Rising Support line with the support line of the 90 Rising Trading Channel. Since I first introduced the 90 and 75 RTCs publicily in early 99, many have taken notice in late 2000 and posted their many variants of the 90 channel. Both the 90 RTC support line and the 75 RTC resistance line are in the neighborhood of 2400 today. I was looking for a topping action to begin yesterday, with the possible turns at in play chart pattern resistance lines. (Albeit I was ignoring my intraday technicals which were not lined up in the overbought range as those resistance lines were approached, always a mistake.) Those pattern resistance lines were breached yesterday as momentum carried the price action a little higher than expected. I suspect that the "big boys" wanted to breach the Sept 00 Falling Resistance Lines for both the major exchange composite indexes so they can be used as support for any retrace. Regards, LG PS: As predicted in 99, both the 90 RTC and 75 RTC both came back into play.