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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 672.07

-1.7%

4:00 PM EST

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To: pater tenebrarum who wrote (28193)	10/1/1999 11:06:00 PM
From: donald sew	Read Replies (1) of 99985

Hi, As of today's close my short-term technicals for the DOW/SPX/NAZ are basicly in the middle, which is FLIP-of-the-COIN territory with approximately equal potential room in either direction(in terms of time not price movement). Although the NEW LOWs was high, it has left the 200 level, and has improved. I believe this needs to watch carefully since it is give a slight hint of an upside bias. This is not to say new highs will be made immediately, but just that there is improvement and we need to watch for follow-thru. Other than the slight improvement in the NEW LOWs, there really wasnt much positive today n the market. Previously, I mentioned that there was a PENNANT in the NAZ CHARTS and on a intraday basis it was pierced to the downside but rebounded enough by the close to get back into the pennant. It could just be an overshoot or a hint of whats to come. As bearish as it appears, the PUT:CALL ratio is giving a contrarian bearish arguement. Im no expert in this area, but the OEX PUT:CALL ratio appears to be approaching contrarian bearish territory. decisionpoint.com I am still holding to the position that until the FOMC meeting there will not be much movement and that my short-term technicals will be near the middle by the FOMC meeting. The market actually closed relatively flat, although the intraday swings were strong(ZIG-ZAG). Appears that a STAIRSTEP may be forming, which was the case with the NAZ prior to the current pullback. seeya

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