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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

+1.0%

Nov 21 4:00 PM EST

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To: Gersh Avery who wrote (21484)	7/30/1999 6:36:00 AM
From: donald sew	Read Replies (1) of 99985

Gersh, Although yesterday was quite negative with many supports broken to the downside and the DOW/SPX setting lower lows, the NAZ did not set a LOWER LOW. With yesterdays action, it appears that the upside will be limited for a while until/if rates drops. For the immediate short-term (1-5) days, I suspect that the market will start to ZIG-ZAG some and could start to form a STAIR-STEP similar to last years selloff. Im not saying that this selloff will be as large just that we may start to see this formation. Its still early, but the range for this STAIR-STEP could be near yesterdays lows and WED's HIGHs which would be about a 200-300 point trading range on the DOW. Although we could get a little more selling, I do not feel that the huge can continue immediately(1-3 days) from here in light of my short-term technicals having such low readings. seeya

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