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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.53

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Nov 20 4:00 PM EST

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To: Teresa Lo who wrote (23573)	8/26/1999 6:16:00 AM
From: Teresa Lo	Read Replies (2) of 99985

The Test Continues Morning Market Commentary for Thursday, August 26, 1999 The test of top on the weekly chart continues for the Dow Industrial, the S&P 500 and the NASDAQ 100 indices. The target for the bounce off the 20-week moving average made a few weeks ago is a test of the July high and as such, the Dow Industrials have fulfilled the target. For now, there?s nothing to do except monitor market internals such as the NYSE 52-week new highs and new lows and the CBOE Market Volatility Index. We take note that the Dow Utility Index has broken resistance on the upside and is on the way to test resistance in the 330 area. The September Treasury bond index is on it?s way to test the top of the trading ranging at 117^21. Charts specific to these comments have been posted to intelligentspeculator.com

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