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

To: dennis michael patterson who wrote (2747)	12/23/1998 9:29:00 PM
From: StockOperator	Respond to of 99985

Dennis, The DOW is breaking out of a three week consolidation pattern as we speak. Looking at the chart, upward resistance is at 9500. Before we can make the assault at 10,000 you would expect to see it close above 9500 at the END of the trading week. A clear decisive closing price above 9500 would represent a breakout through the overhead resistance from previous highs. Closing on Friday at 9556 gives the market much more momentum than lets say hitting 9556 on Wed. but closing at 4980 on Friday. But because we're talking about possibly a new leg on the bull market I would like to see a two week closing price above this level, which I believe we'll see. SO