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Strategies & Market Trends : MP - Market Pulse -- Ignore unavailable to you. Want to Upgrade?

To: John Madarasz who wrote (176)	6/26/2001 3:00:03 PM
From: HairBall	Respond to of 1328

John Madarasz: Whazzzzz Uuuup.... Glanced over at the trading desk and could not help noticing net green on all the primary indices I follow, UTIL, TRAN, INDU, NDX, COMP, COMPX, NYA, SPX, SP and Naz Eminis. So, I just had to sit down and take a quick look! The NYA rising wedge support line held so far. The NDX and COMPX's price action have both moved above the resistance line of their respective rising wedges. A break to the norm for both which now needs follow through. I suspect the usual test the resistance line for support is likely, but not a given...<g> Would it be correct to re-draw the lower line of the rising dark blue parallels on the COMPX 65 min, which starts 4/23, through the 5/30 lows? I would draw that trend line* but leave it unassociated with a pattern. Of course for H&S observers it can be associated as a neck line...I guess...<g> EDIT: Next resistance would be the 6/21 high and then the lower boundary for the 6/14 gap-down for the COMPX. Regards, LG * - I had that trend line plotted on my chart prior to coping the chart to the clip board, but removed it to eliminate some of the clutter. I have been told in the past my charts can be confusing with all the trend lines I track, so I occasionally remove some before displaying them.

To: John Madarasz who wrote (176)	6/29/2001 2:00:14 PM
From: HairBall	Read Replies (1) \| Respond to of 1328

John Madarasz: (COMPX) Your line provided an intraday pullback yesterday and with today's rapid accent above the line it provided support. The price action is now intersecting the falling resistance line from the 5/22 high with the second point being 6/7 high. Additional resistance is just above from the supportive trend line (now acting as resistance) of the previous rising trading channel originating from the 4/20 high. With my intraday technicals just about lined up in the overbought range, I am looking for a pullback to begin, if not this afternoon, Monday AM. (The pullback may have started with the 13:45 ET 15-min bar.) Regards, LG