MDA - Market Direction Analysis

[LG]

My QChart COMPX (NASDAQ Comp) 30-Mintue Semi-log Chart
My thirty minute models have been cycled back up into the
overbought range after the dramatic price action decline off
Friday's pivot high pulled most of my medium to shorter-term
intra-day models into the oversold range. The bounce occurred
at about the 1600 level and has been followed by rising price
action that has traced out a bearish flag (albeit with one
slight violation). A bearish flag is a rising consolidation
pattern. I would look for the flag to break to the norm
sometime today and the decline that began on Friday should
resume.


NOTE: Chart is a 17 inch screen capture.





Regards,
LG