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

To: bobby beara who wrote (2229)	12/18/1998 12:24:00 AM
From: Vitas	Respond to of 99985

bobby, some how it makes sense "an initiation leg up/correction and before the next rally" it almost sounds profound vitas

To: bobby beara who wrote (2229)	12/18/1998 12:47:00 AM
From: Smooth Drive	Read Replies (1) \| Respond to of 99985

Good Evening All, The DOW INDUSTRIALS closed up 85.22 points (.97%) at 8875.82 and now goes to 34.24 points higher (.39%) than one week ago. The third time it's closed higher in the last eleven trading days. The Dow closed strong given its high was 8879.68. Also interesting is the fact that the Industrials rarely give the 85% signal. Well it's done it twice this week. It closed today within 10% of the high low range deducted from the high. It has an 85% chance of a higher high tomorrow. The TRANSPORTS were up big time 100.82 points (3.51%) at 2970.64 and they're now down only 41.91 points (1.39%) from a week ago. They also closed strong and have an 85% chance of a higher high tomorrow. UTILITIES closed up 5.07 points (1.65%) at 311.64 and are now up 7.94 points (2.61%) from last week. Closed right at its daily high and has an 85% chance of going higher tomorrow. The S&P 500 was up 18.01 points (1.55%) at 1179.98 and is now up 14.96 points (1.28%) from a week ago. Closed very near its daily high of 1180.03 and has an 85% chance of a higher high tomorrow. The NAZ was up 34.52 points (1.72%) and is now 27.92 points (1.38%) higher than one week ago. Closed down only .01 from its high and look for it to have a higher high tomorrow too. The three P&F index charts I've been updating on this thread all showed action today. Here's the results: THE DOW JONES INDUSTRIAL AVERAGE 20 X 60 9360 X * 9340 X O X * 9320 X O X O * 9300 X O X O * 9280 X O X O * 9260 X O O * 9240 X O * 9220 X O * 9200 X O * 9180 X O * < Bearish Resistance Line 9160 X O 9140 X O 9120 X O X 9100 X O X O 9080 X X O X O 9060 X O X O X O X X 9040 X O X O O X O X O X 9020 X O X O X O X O X O 9000 X O O X O X O X O 8980 X * O O X O O 8960 X * O X * O < Double Bottom Sell Signal 8940 X * O X * O 8920 X * O X O 8900 X * O X O * < Bearish Support Line 8880 X * O O 8860 X * O X 8840 X * O X 8820 * O X 8800 * O X 8780 * O X 8760 Bearish Support Line > * O X 8740 O X + < Short Term Uptrend Line 8720 O X + 8700 O + 1 1 1 1 1 1 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 -Double Bottom Sell Signals at 6,2940,11/30/98; 8,9020,12/1/98; 10,8960,12/4/98; 14,8860,12/10/98; and reversed up on 15,8760,12/15/98. -Long term bullish (trading above its Bullish Support Line) and short term bearish (on a sell signal). -Lower tops and lower bottoms depicts overall weakness. Today's Action: Rose 5 boxes today from 8760 to 8860. First resistance at the Bearish Support Line sitting at 8900. Would not surprise me to see it pass through this resistance tomorrow. DOW JONES INDUSTRIAL AVERAGE - 50 X 150 * 9350 X * 9300 X O * 9250 X O * < Bearish Res. Line 9200 X O 9150 X O 9100 X O * 9050 X O X * 9000 X O X O * < S/T Downtrend Line 8950 X O X O 8900 X O O 8850 X * O X 8800 X * O X 8750 X + O X 8700 X + O * < Bearish Support Line 8650 X 8600 O X X 8550 O X O X 8500 O + X O X + < Short Term Uptrend Line 8450 O Bullish Res. Line> + X O X + 8400 O + X O X + 8350 O + X O + 8300 O + X + 8250 O + X 8200 O + X 8150 O + X X X 8100 O + X O X O X 8050 O + X X O X O X 8000 O + X X O X O X O X 7950 O + X O X O X O O X 7900 O X X O X O X O X 7850 O X O X O X O X O X 7800 O X O X O X O X O X X 7750 O X O X O X O O X O X + < Bullish Support Line 7700 O X O X O X O X O X + 7650 O X O X O X O O X + 7600 O X O X O O X + 7550 O O O X + 7500 O + + 1 1 1 1 1 1 1 1 1 1 2 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 -Double Bottom Sell Signal at 19,8850,12/10/98. Reversed back up at 20,8850,11/17/98. -Long term bullish (trading above Bullish Support Line) and short term bearish (on a sell signal). -Next support at the Short Term Uptrend Line at 8500 and then the previous horizontal support at 8350. Today's Action: Reversed up 3 boxes to 8850. Possible resistance from the previous bottom at 8900 and then the Short Term Downtrend Line at 9000. THE NAZ - 4 X 12 2052 * 2048 X < Bearish Resistance Line 2044 X O 2040 X O * X 2036 X O X 2032 X O * X + < Bullish Resistance Line 2028 X O X * X 2024 X O X O X 2020 X O X O X * < Short Term Downtrend Line 2016 X X O O X 2012 X O X O X 2008 X O + X O X 2004 X O + X O X 2000 X O X X O X 1996 X O X O X O X 1992 X O X O X O X 1988 X O X O X O X 1984 X O X O X O X 1980 X O X O X O X + < Intermediate Term Uptrend Line 1976 X O X O X O X + 1972 X O X O X O X 1968 X O X O X O 1964 X O X O X + 1960 X O X O X + 1956 X O X O + 1952 X O + + 1948 X + 1944 X 1940 X 1 2 3 4 5 6 7 8 9 -Double Top Buy Signal at 5,2004,12/7/98; Double Bottom Sell Signal at 8,2012,12/14/98; Reversed up 9,2012,12/15/98. -Long term bullish(trading above its Bullish Support Line) and short term bearish (on a sell signal). -Notice the Bullish Triangle. The first column of X's found resistance at 2016 and then reversed down and from then on the tops got lower and the bottoms higher until the Double Top Bug Signal at 2004. A Bullish Triangle requires at least 5 columns. Today's Action: Went up big 7 boxes and marched right thru a Short Term Downtrend Line at 2024, a Bullish Resistance Line at 2028 and an unofficial Bearish Resistance Line at 2036. Showed good strength. Old top resistance at 2048. With its strong close today it could surpass this tomorrow. Guess we'll see. Take care, Eric