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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 679.68+0.7%Nov 26 4:00 PM EST
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To: donald sew who wrote (22554)8/9/1999 9:02:00 PM
From: Les H  Read Replies (1) of 99985
 
WHAT TO EXPECT NOW. ORD ORACLE.

The market has not completed a total buy signal yet. It appears at the moment the September S&P's is tracing out a sideways consolidation pattern that is about complete. Once this sideways pattern is complete the September S&P's may make an attempt to retest or break Thursday low of 1292.00. This retest or break to new resent lows should put the market in the bottoming process. There is still a possibility the market may form the third gap called an "Exhaustion Gap" that would complete the "Three Gap Play" that started form the July 19 top. If this potential third gap were the biggest of the three gaps (more than 15.00 S&P's points) it would imply the down is over. This potential third gap should appear this week and possibly Wednesday. And than the market would be expected to reverse and go back up and fill all the gaps ending with the first gap up near the 1420 area on the September S&P's. It is too soon to say if this third gap will appear, but if it does, be prepared for a potential strong rally to make an attempt to test the highs.

>>>Les' note: Aug 11, 1998 was also the short-term trough
>>>last year at 1054 on the SPX. Rallied till options
>>>expiration before the baby kahuna.
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