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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.43

+0.2%

Dec 2 4:00 PM EST

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To: Michael Watkins who wrote (48730)	4/30/2000 7:41:00 PM
From: Les H	Read Replies (1) of 99985

Just as the Nasdaq "shrugged off" the ECI news, so did the bonds "shrug off" the treasury "buyback". LOL, everyone pointed to the first event as a sign of a bottom, I can go ahead and point to the latter as a top. The steep slope for the respective 21-day EMAs for the Nasdaq, S&P 500, and S&P 100 all indicate loose markets in need of stabilizing or basing. The Dow is the only market with a fairly stable slope for the 21-day EMA. The 21-day volatility is still rising for the 21-day EMAs and for the VIX. In fact, the 21-day stochastic for the VIX again crossed above 20 from below, the second time this week, usually indicative of a near-term peak in the S&P 100. Also, the VIX has bounced off its 50-day moving average again as it did so from July through October of 1998.

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