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

To: StockOperator who wrote (7589)	3/5/1999 1:51:00 PM
From: StockOperator	Read Replies (1) \| Respond to of 99985

Even with this week's powerful move (so far). The back of the bear has not been broken just yet. Although I have been looking for a definitive sign as to which way this consolidation would be broken (which I believe we are seeing right now). The action this week does NOT yet represent a breakout of prices on most of the indexes. A quick look at the charts for those indexes will indicate that there is still overhead resistance for just about most of them. That is why on some of the other threads people are questioning the NASDAQ's inability to rally hard here. The same thing applies to the trannies. So I would expect prices to remain firm into the close. With that gap on the NAZ intraday NOT filled until next week when you would expect to see some backing and filling on the weekly chart. The breakout is close at hand. Of course this will be a dangerous time to be either long or short. It could be the smart money setting us up for the kill. Still you have to play the long side of the market. During the last couple of months with the internals deteriorating and interest rates rising, the price action for the DOW and trannies has indicated by their strength that higher prices are in store for us. I just hope that too many recent bears don't decide to jump ship and turn bullish. Wouldn't want to see the sentiment indicators go against us before the breakout. Good trading. SO