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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: bearshark who wrote (22235)	8/5/1999 4:45:00 PM
From: j.o.	Read Replies (1) of 99985

I mentioned this morning that we have all of the makings of a key reversal. Perfect day for the markets, and in my opinion a signal that the downside might be taken care of for awhile. If you look at the daily Ndx chart going back to February, we have formed a broad slightly-uptrending channel (I'm connecting the first two tops and drawing a parallel off the bottom between them). We touched the base very briefly and turned on a dime. Never looked back. When one adds the volume picture on top of that, it's time to play this market from the long side now. We have more damage to repair in terms of MA's, etc. But I think that we've squeezed a lot of longs out, and have some room on the upside now. BTW - 2154 looks like the 61.8 Fibonacci retracement of the upmove from late May. Now off for subwave 5 of the 5-wave upmove which began in late Feb/early March?? BWDIK. Happy trading, all. j.o. indextrade.com

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