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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 689.100.0%Jan 23 4:00 PM EST
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To: Les H who wrote (23642)8/23/1999 6:06:00 PM
From: Les H  Read Replies (1) of 99985
 
WHAT TO EXPECT NOW. ORD ORACLE.

The market rallied stronger than anticipated over the last couple days. Part of this reaction rally probably can be credited to the FOMC meeting coming tomorrow as investors were covering their shorts, (along with us). We will wait to see what kind of readings we get from our indictors to deteremine the likely direction of the market. The "5 day ARMS" says it will be down. But we will need other indicators to confirm the "5 day ARMS" readings. There is a gap at the 1360 to 1367 area that formed between the July 28 close to the July 29 open. Normally gaps are resistance areas. The "5 day ARMS" closed today at 4.33, which is on the neutral side of bearish. There is a gap that formed between last Thursday's close to Friday's open and another formed between Friday's close to Today's open. A third gap may appear tomorrow. If this third gap is a bigger than the other two than it would appear to be an "Exhaustion Gap". "Exhaustion Gap" usually marks an end of a move. Today in candlestick charting on the September S&P's, no bearish candle was drawn. Therefore for the moment, we have to say the short-term trend is up. The market may stall near the 1365 to 1370 area.
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