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

To: dennis michael patterson who wrote (1927)	12/15/1998 4:39:00 PM
From: HairBall	Read Replies (3) \| Respond to of 99985

dennis: I will have to wait until I do my Dow Theoretical End of Day downloads, but with a new beta version of my day trading software I can now begin to do a "little" analysis with intraday and Actual End of Day data. The Market as measured by the Dow Industrials may well continue up some more tomorrow. However, I suspect the current upper (resistance) descending trend line should hold. To view this trend line, use the DJI (Dow Industrials Actual Data) daily chart, connect the high of 11/30 & 12/8 and extend to the right. A one-day projection for that trend line will be in the approximate area of 8850. That will be a trend line to watch should the IND/DJI trend further up tomorrow. Note: A significant breach above that trend line may negate the following expectation. I am expecting the Market as measured by the Dow Industrials to head back down from that trend line, if not sooner. Support areas will again be the 200 day SMA at 8716 (today's close), the 50 day SMA at 8698 (today's close) and then the price action cluster created by a previous Bull Flag. Range is from the top of the pole at 8652 to the lows of the last day before the break out at 8328. I will just call resistance at the 8500 area (+/-). Look across the chart in this range and you will be able to see the previous Bull Flag. I need to look at my own daily indicators to confirm this and have to wait until the Theoretical Data is available later this evening. This is just a preliminary observation. Note: All above analysis is based on the DJI (Dow Industrials Actual Data). (All Disclaimers Apply) BWDIK Regards, LG

To: dennis michael patterson who wrote (1927)	12/15/1998 5:07:00 PM
From: StockOperator	Respond to of 99985

There was strength across the board today, even the transports rallied late into the day. The Dow and NASDAQ closed at their highs (extremely bullish). The Russell 2000 managed a small gain, however the Naz 1000 and 3000 were much stronger. I am watching the RUT very carefully here for a turnaround, considering the time of year were in the RUT should lead the market higher over the next couple of months. Paying close attention to the patterns that develop over the next couple of days prior to the impeachment vote. The smart money will give us clues to market direction. IMHO, to say that the market will go down in the event of impeachment is too easy of a trade. Everyone will be on that side. Also, the NASDAQ gapped and didn't fill 15 points today on the chart. Things to keep an eye on. StockOperator