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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 652.56-1.5%Nov 20 4:00 PM EST
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To: Smooth Drive who wrote (22654)8/19/1999 2:02:00 AM
From: Smooth Drive  Read Replies (1) of 99985
 
FROM CHARTCRAFT INVESTORS INTELLIGENCE:

SENTIMENT INDEX         08/20/99    08/13/99
% of Advisors Bullish      45.80       50.00
% of Advisors Bearish      31.30       29.30
% of Advisors Correction   22.90       20.70

This is the first time in approximately 38 weeks that the bullish advisors have fallen below 50%. I find this to be an encouraging sign.

The NYSE Bullish % is in a column of O's with the last O sitting in the 48% box. Tuesday's reading was 46.40 and it was at 46.10 last week. No strength showing here right now.

The High Low Index Bullish % chart however could well turn up tomorrow. As of tonight's close it's at 23.27% and it will reverse up at 24%.

LG's OMC now looks like this:

                             *
1760                         X *
1750                         X O *
1740                         X O   * < Bearish Res Line
1730                         X O     *
1720                     X   X O       *
1710                     X O X O         *
1700                     X O X O
1690                     X O   O
1680                     7     O  
1670                     X     O X  
1660                     X     O X O  
1650                     X     O X O     X
1640 X               X   X     O X O     X
1630 X O             X O X     O   O     X
1620 X O             X O X         8     X 
1610 X O             X O X         O     X
1600 X O X           X O X         O X   X
1590 X O X O         X O           O X O X
1580 X O X O     X   X *           O X O X
1570 X O   O     X O X   *       + O X O X
1560 X     O     X O X     *   +   O X O X
1550       O     X O X       +     O   O X
1540       O X   X O X     +   * +     O X 
1530       O X O X O X   +     + *     O X
1520       O X O X O X +     +     *   O
1510       O X 6 X O +     +         * 
1500       O X O X +     +             *
1490       O X O +     +                 *
1480       O   +     + < 1st Bullish Resistance Line

Reversed back up last Wednesday and has picked up a box or two every day. Historically takes a breather after a run up like this. I look for a pullback tomorrow.

Take care,

Eric

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