MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 668.73

+1.5%

Nov 24 4:00 PM EST

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To: HairBall who wrote (17530)	6/16/1999 9:46:00 AM
From: j.o.	Read Replies (2) of 99985

LG - looks like the dipsters are out in force. Interesting that the move in stocks has been much stronger than in rates.. In terms of retracement levels, the target for this wave 4 retrace in the S&P is between 1308 and 1318. We're at the top of that range now! It would be significant if the S&P regained that 50-d EMA and closed above it again - and today feels much less "squeezed" than the last upmove above 1320. I am going to wait and see how today's price action goes - looking at the nutz we could move a good bit higher from here before running into resistance, and I'm not going to sit in front of this freight train! I'd rather see how the price action plays out and see how we move from here. Still expecting a wave 5 down, but am going to wait for some confirmation before I play it. Cheers, j.o.

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