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

To: HairBall who wrote (9958)	4/6/1999 12:32:00 PM
From: Ms. X	Respond to of 99985

DJIA PnF chart. The DJIA chart is facing major resistance at the 10,000 level. I see the possibility of a shakeout pattern if the Dow stalls at 10,000 and reverses down to break a double bottom at 9750. A shakeout pattern is completed when after the bottom break (without breaking another area of support) the chart reverses back up and breaks resistance (double top). Won't know until happens but that would be bullish for the DJIA. However, if it stalls at 10,000 and then breaks both areas of support to 9600, the next support level is at 9250. A move to 9850 would be a normal pullback for the DJIA and another higher bottom - which is good, if it holds. 10100 ? <--Break of 10050 A lot of resistance X ? resistance 10000------here at the 10,00 level---X --X O X --X 9950 X O X O X O 4 9900 X O X O X O X 9850 X O O X O X 9800 X O X O 9750-- ------------------------------X ----O X --- <--First break of 9700 X O X support 9650 X O 9600 X X X <--Second break of 9550 X O X O X support. 9500-----X O ----------------X O ----X ------------------------- 9450 X O X X O X 9400 X O X O 2 X O 3 X 9350 X O X O X O X X X O X O X 9300 X O X O X O X O X O X O X O X 9250--- X O X O X O X O X O X O --O --------<-Support level 9200 X O O X O X O O X O 9150 X O X O X O X 9100 X O O O * <--Bullish 9050 X Move to 9050 would be a major * Support line. break of support.