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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.93

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Nov 14 4:00 PM EST

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To: pater tenebrarum who wrote (28017)	9/30/1999 7:12:00 PM
From: bobby beara	Read Replies (6) of 99985

Heinz, It's looking to me like some kind bottom is forming, the volume has been big over the last several days but the bears can't take her down and we have inverted H&S patterns on the major avgs, except ndx which is a triangle. decisionpoint.com We have a bullish divergence on this indicator - higher low in the mcoscillator and lower low on the nyse and a possible complex bottom formation and buy spike developing. Elliot wise we have 5 waves down in the summation and a positive cross in the oscillator will turn the sum back up. spx 9 day rsi yesterday at 27, very oversold and sentiment is so pessimistic, i thought we would get some kind of capitulation flush, but the market is oversold, and the risk/reward of being short is not there, i covered all my shorts and am in longs now. bb

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