MDA - Market Direction Analysis Message Board

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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: Terry Whitman who wrote (37799)	1/22/2000 4:31:00 PM
From: Rarebird	Read Replies (1) of 99985

That's a great looking chart, Terry. Thank you. The problem with it is that supports are almost always broken in Bear Markets whereas resistances are usually broken in Bull Markets. The big question here is if the XAU has in fact bottomed out at the 48.67 level in August 98. The answer at this point is undoubtedly Yes. I wonder, however. I think we get a retest of these lows. I don't think it will hold. It's not that I think that the XAU needs to break to new lows before it rallies. It doesn't. The problem is the High Tech Mania. I tend to think that investors are selling their gold hedge to invest in Hi Tech. Maybe this indicates a bottom. But I wouldn't count on it. The Bears get more bearish as the bulls get richer. Isn't that the bottom line as of Jan 22, 2000, as far as index investing is concerned?

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