MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

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To: HairBall who wrote ()	2/4/2000 1:51:00 AM
From: Michael Watkins	Read Replies (2) of 99985

I mostly follow price action and nothing but. With few exceptions, many indicies and stocks have already made and failed their test of tops. I note that the FTSE is looking rather like the SPX although I don't have decent chart of the FTSE for a great comparison. The Nikkei appears to have made a test of top and perhaps a failure now even as I write this. biz.yahoo.com All these tests of tops, coupled with the interesting action in bonds - if nothing else it suggests to me that its a good time to be prudent, aware and cautious. to have so many markets all test their tops at the same time... and some testing their bottoms at the same time...) Here's a few of my charts - Market internals intelligentspeculator.com intelligentspeculator.com And of course the NDX and COMPX are now in "prove yer mettle" phase... we ought to have a clear indication of direction within one or two days. On the INDU today a lower high/lower low bar is observed at resistance (not to mention the interesting gyrations and expanded range) ... decision time 1-2 days max. And we also note an outside bar on the SPX at resistance, tomorrow/Monday should be telling for the short term trend. intelligentspeculator.com I think its a decision point right here and now, and tho my gut says down I'll let the market take me into the trade in whatever direction it pleases. There's some text to go along with my charts, that and a bunch of other charts and commentary from Teresa Lo at intelligentspeculator.com Good trading all, Michael

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