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

To: Jerry Olson who wrote (8785)	3/23/1999 10:24:00 AM
From: HairBall	Read Replies (2) \| Respond to of 99985

OJ and ALL: The RUT is has penetrated the lower trend line of its bearish rectangle or sideways trading channel. The approximate area is 389. The COMPX has fallen below the centerline of its long-term trading channel and is nearing the next support area of its 50-day SMA in the approximate area of 2370 and may have penetrated it as I type. The COMPX is firmly back in its bearish flag formation. I first added both the above mentioned formations to my charts on 3/9. I know a few were surprised to see those formations appear on my charts, as many were very bullish at that time. Of course, these formations have yet to resolve to the norm, which is down. However, the trend lines have proven to be significant as the upper trend lines proved to be substantial resistance, even though the COMPX upper trend line was penetrated several days and even had a few closes above. EDIT: Well the RUT has fallen below the lower trend line of its bearish rectangle and has resolved to the norm. BWDIK as always... Regards, LG