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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.63

+0.4%

Nov 19 4:00 PM EST

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To: dennis michael patterson who wrote (31321)	10/25/1999 6:00:00 PM
From: Les H	Read Replies (2) of 99985

WHAT TO EXPECT NOW. ORD ORACLE. Tiger Financial News for traders, (www.tfnn.com) is the forum for Stock Analysis and Trading Strategies for active investors. Live broadcast Monday to Friday 3 to 5pm EST. I'm on live Tuesday & Thursday at 3:30 EST. log on. Timer Digest (203) 629-3503, has us ranked #2 in performance for the last 12 months in the October 11 issue. The "5 day ARMS" indicator closed Friday at 3.81. Readings near "4.00" and below appear near short term tops. Today this indicator closed at "4.20". In candlestick charting on Friday a "Bearish Shooting Star" appeared giving addition evidence the December S&P's is running into resistance. We have found that a lot of the times that "Bearish Shooting Stars" high are re-tested. On today's rally the tick index readings did reach plus 622 near the high which is another bearish sign. However on the close today a minus 172-downtick reading appeared, which is a bullish short-term sign. On today's pull back the volume declined to 769 million shares. Friday's volume was 957 millions shares. When the market pulls back on lighter volume it implies the up-trend is still intact. From the high on October 11 down to the low on October 18 the December S&P's retraced 61.8% of that decline. When a market retraces 61.8% of a previous decline than the most one could hope for is a re-test of the previous low. This 61.8 % retracement adds a bullish twist to the market. The market is not giving conclusive evidence of a short-term top here. We are staying on the sidelines until the picture is clear. marketweb.com

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