MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.38

+0.1%

Nov 12 4:00 PM EST

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To: American Spirit who wrote (52330)	5/27/2000 2:54:00 AM
From: P314159d	Read Replies (1) of 99985

I do not share that view, the QQQ has not gotten follow through on its so-called tested support of 72 and change. At best we are looking at a retest of that level. At worst, given the complacent level of call buying (p/c still below .5) we are looking at a renewed breakdown and the move we just saw was a typical reaction to breaking 200 dma. Now the real damage gets done. QQQ maps out to its last good support around 63 to 65 or a move toward 2700 to 2800. But i like 2500 for reason regarding the Comp bounce we just saw. In due time. At that level we wipe off the exuberance as Greenie would like. See it and believe it

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