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

To: pater tenebrarum who wrote (15961)	6/4/1999 1:22:00 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

heinz: Well, I have some divergence in my own analysis. The TYX is up against the upper trend line of its rising wedge. This should continue to offer resistance. The DJI, COMPX and others are trading in areas of strong support. I "still" expect the DJI and COMPX to drop back into their respective multi year rising trading channels. The bounce and struggle at these support areas I expected to begin last week did and continue. This pop today can be in line with my expectations. However, if it has a strong follow through it may negate my short-term expectation for the DJI and COMPX to drop into their respective channels in the short-term. Such a rally would signal to me, that the bubble is getting more dangerous, as further correction at this time would be more healthier for the Market's longer term prospects than a rally at this time. For now, I am holding to my short-term expectation that the DJI and COMPX will resume the correction soon. (In a day or two, maybe even today, note the transports.) Donald Sew's most recent "guitar" analysis brings a measure of support. Regards, LG Disclaimer: My posts are my opinions only and I reserve the right to be wrong on occasion. Do not base any investment decision solely on anyone's views or analysis. Do your own research and take responsibility for your own investment decisions.