MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.44

+1.6%

Nov 10 4:00 PM EST

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To: JDinBaltimore who wrote (37073)	1/9/2000 3:39:00 PM
From: stockycd	Read Replies (2) of 99985

John, Resistance is only broken if it is confirmed. We would have to have a solid up day Monday with the close near the highs to confirm the break. We filled the gap on the NDX created last Thurs, morning. The median Fib retrace is 3575.80 for the previous selloff. I must say that if the NDX manages to push straight up to new highs this time, call it new era or whatever, but most mainstream technical analysis methods will be even more useless than they are now. Personally, I'll look for an inverted hammer on Monday for the NDX as a signal to go short again. Regards, Chris

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