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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 652.56-1.5%4:00 PM EST
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To: donald sew who wrote (30698)10/20/1999 11:39:00 PM
From: Vitas  Read Replies (1) of 99985
 
Hi Donald, the a-d line Friday fell through what could have been support at the 1996 bottom on 7/24/96 . We are today approximately
887 net a-d below that level.

That level will probably prove to be the same type of resistance as the
February 1994 a-d line peak was earlier this month. Once we fell below that level the SPX rallied 54 points on a grand total of 883
net a-d for the entire move, quite an air ball.

We haven't quite retraced a fib .618 on a ratio a-d line basis of
the rise from the December 1994 bottom to the April 98 top, though it is getting close.

Since new lows reached a new high on this latest decline a few days ago, usually (not always) this means that the low was not a retest of
of the September low but that it is a low which will be at least retested
or taken out later.

Vitas
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