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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: donald sew who wrote (32473)	11/6/1999 2:07:00 AM
From: Dwight E. Karlsen	Read Replies (2) of 99985

don, thanks for confirming that. >The weekly candlesticks for the DOW is a SMALL BLACK SPINNNING TOP and for the SPX a small WHITE SPINNING TOP.< I hadn't yet looked at the weekly chart, but remembering the numbers in my mind, I suspected that the SPX would have that kind of weekly candle. Your other analysis confirms my thoughts, mainly that if you look at most of the days this week on the intra-day chart, we have strong gap-ups, followed by slow decline, accelerating into an afternoon drop, followed by weak rally going into the close. If you consider actual buying, it looked to me like retail buying in the morning, with professional selling taking the baton most of the day. Not real bullish, IMO. More like mindless euphoria on the part of speculative buyers.

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