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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 659.00+1.0%Nov 21 4:00 PM EST
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To: Haim R. Branisteanu who wrote (32469)11/5/1999 6:00:00 PM
From: donald sew  Read Replies (2) of 99985
 
Haim,

As to whether its a blow-off top or not, the NAZ is now PARABOLIC. If it does continue, I think it may be at the expense of the DOW. With all the excitement in the NAZ some may be surprised that the DOW was actually down about 25 points for the whole week and the SPX only up slightly for the week.

To determine the top of parabolic moves are difficult, but feel that MONDAY or even todays highs may be the short-term top. I did not play it to the downside, but did sell some longs.

The market internals are not supporting this rally with the the NEW HIGHs/LOWs about even with the NEW LOWs beating out the NEW HIGHS at 103 to 100.

The weekly candlesticks for the DOW is a SMALL BLACK SPINNNING TOP and for the SPX a small WHITE SPINNING TOP.

Concerning the DOW THEORY, the TRAN and UTY were down for the week, so no confirmation of the rally there.

It may be time to short the DOW SECTORs but dangerous to short the HiTECHs.

I also have a CLASS 1 BUY SIGNAL on the INTEREST RATES(TYX, inverse to the market).

However, no new sell signal on the DOW and SPX since the SELL signal from last week is still in effect. I consider today's breaking above last FRIDAY's HIGHs as an overshoot.

seeya
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