MDA - Market Direction Analysis Message Board

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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: bobby beara who wrote (26698)	9/22/1999 3:11:00 PM
From: Lee Lichterman III	Read Replies (1) of 99985

Just walked in the door and am hoping I haven't missed the party <ggg> I see a possible H&S that points to SPX 1260 on the chart you posted. I didn't have any time last night to do DD so I really don't have a target of my own based on my forks yet but I do know it was a lot lower than we have gone so far. I think the 200DMA is just trying to repel us but it will fail in time. The dollar is not helping the bulls and as far as the XAU, note my post on the gold thread, I had a buy signal on it two days ago so I think it could keep running a while. Too many important bullish forks dropped off yesterday and we didn't rush to get back in today. This sell off is not doen yet although I agree with Don we could get a mini bounce soon but I doubt today. Have to see if I can catch up and find something to dive into. EDIT - I just checked my chart and we have to close over 1315 or else the violation of the middle tine should be good and we drop to next support around 1275 then expected bounce area of 1240. DOW numbers are 10600 or else we go to 10K Good Luck, Lee

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