MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

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Nov 7 4:00 PM EST

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To: Lee Lichterman III who wrote (40088)	2/13/2000 8:55:00 AM
From: bobby beara	Read Replies (4) of 99985

>>>>I still show the tech sectors ready to decline and the 3 peaks and a domed house are appearing on not only the NASDAQ/NDX indexes but also the sector indexes like the CWX, TXX etc.<<<< Lee, glad to see you poke up here, always good to get someone who uses well thought out analysis - based on technicals, rather than clownish behavior or cnbc parrot behavior to make market calls =g= I do believe we are putting in a triple top here on the nasdaq, but the one thing that does linger in my mind is the almost 2 billion share gap to new highs, markets rarely end on record volume. Why i am targeting 3507 is there is a gap there that was retested twice and some very good support, I believe it is possible for us to find support in that area and have a failing rally to new highs in the late spring on weaker volume, while the spx/dow are putting in a right shoulder of the down angle H&S pattern that is now in formation. This would give the nasdaq a similar pattern to the dow. A couple of stocks to watch are qcom and aol, both have narrowing symetrical flags on declining volume and are close to decision point. Japan fell out of a narrowing to a point 5 wave rising wedge in the last trading session, i would expect to see follow-thru selling in todays trading session to confirm a top is in there. b

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