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

To: Casaubon who wrote (15475)	6/1/1999 11:33:00 AM
From: Jorj X Mckie	Respond to of 99985

Casaubon, P&F support levels on DJIA correspond very closely to yours (10,000 and 9700). JXM It looks to me like the support is at 10,100 (you call it 10,050). This represents a 50% retrace of the advance since the beginning of the year. Unfortunately, that looks like a weak support to me. I believe it will blow through that level and find strong resistance at 9750.

To: Casaubon who wrote (15475)	6/1/1999 7:27:00 PM
From: Lee Lichterman III	Read Replies (2) \| Respond to of 99985

>>I believe it will blow through that level and find strong resistance at 9750.<< Possible, I just call them one support at a time and then look to see how things line up as to if I should expect a bounce or a drop to the next level. I was looking for your 9750 but I am not seeing anything there on my daily. What am I missing? Are you using intraday quotes or weekly charts for this level? I do see where that area was tested in the beginning and end of March a bit. Strange day. I won't have my data for a few more hours but using just yahoo and other free quotes the market was very mixed up today. I see some banks down hard while others were up, same thing in software, computers, IT and services etc. As I scanned the sector indexes real quick, it seemed most were down to flat except for a technical bounce inChemicals and a 6% rally in Forest Paper Products. I will be interested in seeing how these look on my forks later on tonight. The DOW should form a hammer but with no volume to go with it, I am not going to even come close to buying this. Multiple days of low volume and aimless direction and I am siding with the NASDAQ. The INTC, SUNW and ADBE news could hurt the NASDAQ again tomorrow. To All A WARNING about my charts starting with tonight's update later. I am fiddling with a new system and want to watch it and tweek a few things as I see how it runs. This is going to clutter up my charts until I get a few more qualifiers on it but it could take a while ( A week or two). Please bear with me until I get it done or else if it becomes too annoying, let me know and I will pull them off. It will appear as a G-up or G-Dn with arrows pointing up or down. I hope to marry this swing indicator with my overbought and oversold indicator to eventually reduce false signals in strong drops and rallies. Good Luck, Lee