MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

+0.1%

4:00 PM EST

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To: dennis michael patterson who wrote (56278)	7/9/2000 12:45:55 PM
From: Stcgg	Read Replies (3) of 99985

The SOXX Has Been Looking Weak These Past 2 Weeks.. The recent downgrade was a rip, but the fact remains that the SOXX has been showing profound weakness 2 weeks before that.. The technicals are damaged, only big, prolonged buying will move the SOXX up again and that is not going to happen as they are double topped.. Looking at the charts - the bulk of the SOXX is under their 50 ema, MU is struggling to stay above its 13 ema, INTC has put in a double top on negative money flow and A/D line.. Anytime a new high is being set on lower volume and declining A/D and money flow, it says there's is NO conviction for a follow through to higher prices.. If the funds are bailing it also means they will not be there for support if and when selling starts on an external event such as bad news..

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