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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.83

+0.3%

Dec 3 4:00 PM EST

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To: HairBall who wrote (43784)	3/22/2000 1:28:00 AM
From: Dwight E. Karlsen	Read Replies (1) of 99985

LG, re >>I mentioned in an earlier post, that the SPX could set new highs while the COMPX and NYA do not...due to the divergence between the two and the SPX weighting toward the NYA. I think this volatility is whipsawing a lot of folks. Actually, the bounce today came right on cue, but I admit it was a little stronger than expected and turned into a full-fledged intraday rally.<< That seems to be a stark difference from your read last night at 8:54pm, notably on the S&P500. Message 13244868 ------------ From: LG Monday, Mar 20, 2000 8:54 PM ET Reply # of 43800 This evenings charts and my take for those that find if of value... My QChart NYA (NYSE Composite) 60-Minute Semi-Log Chart The decline began as expected today. Look for it to continue tomorrow. marketdirectionanalysis.homestead.com My QChart COMPX (NASDAQ Composite) 60-Minute Semi-Log Chart The decline began as expected today. Look for it to continue tomorrow. marketdirectionanalysis.homestead.com My QChart SPX (S&P 500 Composite) 60-Minute Semi-Log Chart The decline began as expected today. Notice the bounce at the previous descending resistance line, now a falling SRL. Look for it to continue tomorrow. ...<< ------------ Of course, nobody can predict these things with anything more than guesses flavored with TA/instinct, but I take it anyway that the S&P500 "falling SRL" has now only half a day later morphed into some kind of pitchfork that will spear the SPX to some kind of Abbey J. Cohen nirvana? Or something like that? Don't get me wrong, I'm long April Softie calls, and would like to see more profits accrue on them before I think of selling them.

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