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

To: dennis michael patterson who wrote (4917)	1/29/1999 12:01:00 PM
From: John Pitera	Read Replies (1) \| Respond to of 99985

Talk about a tale of 2 markets doing 2 different things today... The Dow Transports have boomed up 86 and have moved above the 200 day MA that they have been riding for several weeks....bullish. The DJUA in free-fall down over 4 and within a few point of its 200 Day MA. The last time we hit the 200 day in the utes was the beginning of Aug and the overall mkt was getting ready to suck on the tail pipe. John

To: dennis michael patterson who wrote (4917)	1/29/1999 12:45:00 PM
From: donald sew	Respond to of 99985

INDEX UPDATE ++++++++++++++++++++++++++++++++++ Per my SHORT-TERM technicals, the overall market is in the overbought region and I am getting more and more CLASS SELL signals, some of which came yesterday with the buy-in time at todays highs. For those with the CLASS SELL signals ringing today the buy-in time will be MON's highs. Previously I have mentioned the PENNANT. Since I am eyeballing it it now appears that the APEX is on MON around 9325. Today we bounce right off both the upper and lower trendline of this PENNANT, and still within the parameters of the PENNANT so far. The range of this PENNANT for todays close is approximately 9250-9350(please keep in mind that these are closing prices not intraday prices. There is a ascending MINI-PITCHFORK with the PIVOT POINT at JAN 14 lows near 9100. The LOWER TRENDLINE of the PENANT shares is the same as the LOWER TRENDLINE of this MINI-PITCHFORK. So heres another chart formation within another formation. From my cycle analysis, I am suspecting the following: 1) pullback to start early next week (MON/TUE) 2) Bottom of the pullback to be near FEB 10 3) Another top to arrive around MAR 1-2. I am getting suspicious that this top may be the main top, and could be the beginning of the bigger decline. Seeya