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

To: donald sew who wrote (738)	12/7/1998 10:39:00 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

donald: Well, this is my take on the mixed bag the Market is presenting. Looks like your 9100 may be in the bag. IND (Dow Industrials End of Day Theoretical Data) The Semi-Log chart is showing a Bear Flag formation in the making. To view the upper ascending (resistance) trend line, connect highs of 12/3 & 12/7 and extend. To view the lower ascending (support) trend line, connect the lows of 12/3 & 12/4 and extend. A one-day projection for the upper trend line is approximately 9175 and a one-day projection for the lower trend line is approximately 8925. The inverted poll's top is at the low of 12/3 and the bottom is at the high of 11/24. (Note: These are end of day theoretical numbers and you will not be able to use them intraday. These are for end of day charts and analysis only.) My indicators: NYSE Adv/Dec Short-term received an alert to buy on Friday, but as of yet has not rendered a buy. My short-term Osc is showing a slowing of downward momentum but is still in a sell signal both short and short/medium term. The medium/long term signal is still in a buy with the long-term confirmation rising toward a buy soon. TRAN (Dow Transports End of Day Data) The Semi-Log chart reveals that the Transports are in a Bearish Rising Wedge pattern. To view the upper (resistance) ascending trend line, connect the highs of 10/20 & 11/24 and extend. To view the lower (support) ascending tend line, connect the lows of 10/8 & 12/3-4 and extend. The normal resolution of this formation would be to break to the down side. (Note: These are end of day theoretical numbers and you will not be able to use them intraday. These are for end of day charts and analysis only.) DJI (Dow Industrials Actual Data) The Semi-Log 30-Minute Interval Chart reveals that the bearish rising wedge pattern starting at the low of 12/3 is still intact. Extending the upper (resistance) ascending trend line and extending the lower (support) ascending trend line, the apex terminates by the end of the day on Tuesday at approximately 9150. This formation will do one of the three following transitions sometime Tuesday. This formation could negate with a break to the upside Tuesday, which would imply further upside movement. It could morph by violating the lower rising trend line and begin oscillating within the confines of a new formation called a Bear Flag. Or, it could break to the norm, which is down and begin a descending process to take out the 12/3 low. Actual Intraday 60-Minute Semi-Log Charts Looking at the NYA and SPX reveals Bullish rising wedge patterns in almost parabolic ascents. They are looking toppy. I still expect the 1190/1200 area to hold on the SPX. This expectation is bolstered by the E-Wavers both Hittle and Plonk, as of their last postings. Looking at the NAZ and RUT reveals rising wedge patterns. Both rising in a parabolic manner and both have broken out of their respective Bullish Symmetrical Triangle formations. This break was to the norm. Conclusion: Once again the Market is presenting Mixed Signals. I would keep an eye on the Dow Industrials Actual Intraday 30-Minute Chart tomorrow. Watch those trend lines to see which is broken not just just violated. (All Disclaimers Apply) BWDIK Regards, LG