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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: Teresa Lo who wrote (18200)	6/23/1999 3:18:00 AM
From: Teresa Lo	Read Replies (1) of 99985

Market SnapShot for Wednesday, June 23, 1999 The September S&P futures tested the 1365 level for the third time in two days on an intraday basis and was unable to break through to the upside. At the intraday high of 1365 it formed a Trader Vic 2B top, the second in two days, could not gain any momentum to the upside and proceeded to sell off and test the first level of support in the 1350 area. Resistance overhead is at 1368.50 and 1392-1394. Support is at 1340 1337, 1320, 1300.50 and 1290.50. The NASDAQ 100 index tested its all time high yesterday on the daily chart and was unable to break through on this attempt. We need to monitor this situation carefully because the Japanese candlestick that was drawn was one named dark cloud cover, implying that there are sellers on this test of top. A break of yesterday's low would confirm this observation and would lead to at least a short-term pullback. Support is seen at 2150. The CBOE Internet index found resistance at the last swing high on the daily chart in the 510 area and formed a Japanese candlestick called a shooting star, telling us there are sellers here at resistance overhead. In order to maintain momentum to the upside, the 20-day exponential moving average needs to hold support in the 475 area. Charts associated with these comments have been posted to intelligentspeculator.com

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