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

To: Hawkmoon who wrote (83783)	4/30/2003 12:09:46 PM
From: SpecialK	Respond to of 99985

Hawk, >>major rally in the Nasdaq (at least 500 points or so, IMO). Breaking 1500 resistance should permit a run to 1700 and possibly 2000 before it has to test that next major resistance point<< I guess I see resistance at 1500, 1550, 1600, 1700, 1750, 1900, so it's going to take some back and forth action to get to 2000, which could take a year. >>The DOW is a bit more tricky since it appears to have substantial resistance at 9000, which conincidently marks the 22 week moving average and the top of a downward monthly channel.<< I see 50 week average at 8500, resistance at 8800, 9000 >>The SPX looks like it has room to 1000 or a bit above it...<< I see resistance at 930, 950, 970, before 1000, one positive is support at 900, breaking its 50week MA to the upside. You can note that the 20 pt steps in the SPX, correspond nicely to 200 pt steps in the DOW, and roughly 50pt steps in the Nasdaq.