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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.31

-1.1%

Nov 6 4:00 PM EST

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To: Les H who wrote (37928)	1/25/2000 6:49:00 AM
From: bearshark	Read Replies (1) of 99985

Les: I went negative with the failure of the INDU above 11700. The chart below provides the obvious reason. I consider point one to be at about 12/17. Point 2 is at about 12/22. Point 3 is at about 12/29. Point 4 is about 1/4. Point 5, which failed to exceed point 3 significantly, is at about 1/14. I feel we need a drop to about 10670 to confirm this broadening top. If so, then a move to no higher than 11350 on a subsequent rebound. For this pattern to be negated, I feel we need to move above 12075. beta.iqc.com I still believe the 17-year bull market has a good chance of ending this quarter.

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