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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.31

0.0%

Nov 12 4:00 PM EST

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To: GROUND ZERO™ who wrote (44066)	3/24/2000 9:47:00 PM
From: Michael Watkins	Read Replies (2) of 99985

I think the US $ will continue to be worth watching here, looking at the weekly chart its butted up against resistance dating back to 1987, and the prior swing high in June 1989. On a daily chart its already failed a test of top today, Friday, by breaking 104.50. So, next couple of days should confirm if this is the end of the daily trend and begining of a downswing, or not. Hmnn. I'm sticking with my topping call made early this am, the VIX moved up too strongly today while the market was racing ahead. That and steady downward pressure on TICK on both NYSE and Nasdaq seemed like a decent enough signal to me. Subjectively, on the 5 minute spoo chart there was a great shooting star on the 11am bar -- these formations are almost always fakes now, since everyone sees them, but this one was confirmed. Doesn't happen that much any more. Meaningful? In the big picture, no. But interesting.

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