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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 694.04

+0.7%

Jan 9 4:00 PM EST

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To: Crimson Ghost who wrote (48575)	4/28/2000 4:25:00 PM
From: John T.	Read Replies (3) of 99985

Yes, it looks bullish for the NASDAQ. But, the S&P and the INDU don't look so good. It looks like the NASDAQ composite had another "follow-through" day. Up more than 1% on higher volume than yesterday. But the INDU and S&P are down again. Yesterday, was a distribution day on the INDU and S&P -- down on heavier volume than the preceding day. Today, the INDU and S&P were down, but on slightly less volume than yesterday. Maybe this is rotation out of the old economy and into the new economy? What really has me befuddled is the sell-off in the S&P futures at the end of the day, the extremely high NYSE TRIN (Arms Index) and the failure of the INDU and S&P to go down big. I'll also point out that the S&P, INDU and OEX broke out of the bottom of rising wedges today. This is readily apparent on the 1-hour charts. Perhaps, the mutual funds were supporting the INDU & S&P for end of the month "mark-up" purposes. I don't know. It was just a weird close!

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