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

To: Lee Lichterman III who wrote (8252)	3/16/1999 8:50:00 AM
From: HairBall	Read Replies (2) \| Respond to of 99985

L3: I believe the time is very near when the Market will see the issues that have driven up the DJI/IND and COMPX to correct. However, I would not discount the possibility, that some of the beaten down sectors/issues may well rally into that decline. I think that any rally will only slightly mask at best the decline of the big caps that have shouldered the new Index highs as of late. Areas of resistance (t-lines/m-avgs projected forward five trading days) to the decline as measured by the DJI will be: 9740 area (support/resistance line), 9650 area (previous highs in Jan and centerline of long-term moving envelope), 9425/50 area (50-day SMA), 9300 area (support/resistance line), 8850 area (200-day SMA), 8125 area (long-term support line) and last but not least the lows of last Oct. Of course, if I am wrong the DJI is in clear air with no resistance other than the attraction of the upper tine of its rising short-term fork. Just more irrational exuberance...<g> BWDIK Regards, LG