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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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Nov 21 4:00 PM EST

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To: Teresa Lo who wrote (31418)	10/26/1999 9:03:00 AM
From: donald sew	Read Replies (1) of 99985

Hi, Just some CANDLESTICK talk on the NDX. Firstly, we may have a 3-DAY pattern in the process today, whereby it is common that the market may close flat. If that is the case, I suspect a DOJI or SPINNING TOP today. If we get a DOJI or SPINNING TOP today that would form a 3-DAY candlestick reversal pattern in the NAZ. It wont be perfect, but it could be considered either a TRI-STAR or BREAKAWAY. Basicly, it is 3 days of indecision. For the last 2 trading days the NDX closed at 2816 with DOJIs. If the market cannot make a significant move to the upside by the close or break above MONDAY's highs intraday, then the selling could intensify tomorrow which would be in line with the 3-DAY pattern. So the BULLs should not get too confident if today is flat, since some will feel that there is no follow-thru to yesterdays selling. On the other hand it would be short-term bullish if MONDAY's HIGHS are broken to the upside. seeya

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