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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: Les H who wrote (31362)	10/25/1999 6:29:00 PM
From: donald sew	Read Replies (3) of 99985

Hi, We had clear confirmation of the CLASS 1 SELL signals in the DOW and SPX, with these indices being down nicely. The NAZ was a clear DOJI implying indecision and the todays highs were not able to surpass Fridays highs. Take a look at the 60-MIN charts on the DOW/SPX/NAZ. It appears that all 3 have been forming BEARISH FLAG formations from the previous lows on OCT 18. The DOW and SPX are also near the lower trendline of the FLAG, and the NAZ actually closed below it today. I feel that the selling will continue over the next few days. On the other hand I am not convinced of a major selloff right now. If the overall market cannot take out the previous lows of OCT 18 to the downside before the FOMC, I will be turning short/mid-term bullish. seeya

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