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

To: StockOperator who wrote (12125)	4/27/1999 2:36:00 PM
From: Compadre	Read Replies (2) \| Respond to of 99985

SO: The NDX touched the upper trend line formed by joining 2/1 high and 4/7 high and bounced back more than 80 points intraday. The NAZ did something similar with one small difference. I violated the trend line slightly to the up side and closed above it yesterday. This upper trend line is offering some strong resistance. I don't see any big sell off but looking at both charts, there might be some more down side to them. My system gave a sell signal when the NDX went below 2236, but the NDX has mounted a small rally now, and if it does close higher that than 2237 it will reverse back to a buy signal. Let's see if it can do it, and more importantly, if it can break above the previously mentioned trend line. Regards, Jaime