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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

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Nov 21 4:00 PM EST

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To: donald sew who wrote (32608)	11/7/1999 11:13:00 AM
From: NickSE	Read Replies (1) of 99985

FWIW, my P&F read on oil... CLZ9 - Dec. 99 Crude Oil - Last 22.92 charts.quotewatch.com Remains in an uptrend and will generate a double top buy signal with a break of 23.8. Resistance level at 24.7± (previous top). Support levels at 21.6 & 20.6 and at 19.6 (bullish support line-critical). OSX-Oil Service Sector - Last 69.31 204.232.40.6 Remains in an downtrend and has generated a double bottom sell signal with it's break of 70. Support levels at 68 and 66. In order to reverse trend it would have to penetrate its bearish resistance line at 76 and confirm at 79. XOI-Amex Oil Index - Last 472.75 iqc.com As of Friday, is in a downtrend with its penetration of its bullish support line with two successive double bottom sell signals. A break of 470 will confirm the downtrend. Support levels at 445 and 425. In order to reverse trend it would have to penetrate its bearish resistance line at 520 and confirm at 550. OIX-Cboe Oil Index - Last 276.27 bigcharts.com Has recently entered a downtrend and been confirmed with its penetration of its bullish support line at 288. Support levels at 260 and 250. In order to reverse trend it would have to penetrate its bearish resistance line at 296 and confirm at 304. I checked the charts on DEC CRUDE and it appear that it has already started to bounce off of a HIGHER LOW, but the OSX has not yet reacted to the upside. This looks like the 3rd test of the bottom for the OSX. I think that the 68-69 range is a fair spot to step in although there is still a chance of retesting 66-67. Note: Support and resistance price levels are based on an intraday movement and not closing. Regards, Nick

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