MDA - Market Direction Analysis Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MDA - Market Direction Analysis

SPY 677.58

+0.3%

Nov 5 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Les H who wrote (56697)	7/17/2000 8:42:47 PM
From: Les H	Read Replies (1) of 99985

WHAT TO EXPECT NOW. July 17, 2000 Ord Oracle On July 12, the September S&P's broke above the previous high of June 19 on heavier volume. This condition implies a valid break out to the upside. Therefore, we want to buy the next pull back. So far, the market has not pullback. However, we expect a pullback is forthcoming. On today's rally, the volume on the NYSE volume shrank to 897 million shares. This decrease in volume today shows a lack of force behind the rally and usually foretells a correction is about to begin. Because the market did have a valid breakout, we will not attempt at a short position but rather attempt to buy the pull back near the 50% retracement from the previous low. On the September S&P's a 50% retracement would be near the 1495 level and on the S&P cash index it would equate to 1475 level. On July 12, Nasdaq Composite did break above the previous high set on June 22 on increased volume. This condition implies a valid break out also. The "5 day ARMS" on the Naz closed at 3.47 today. Readings near 3.25 and below are found near highs. For very short term, the volume shrank on the Nasdaq as the market rallied today warning that a correction is not far off. We will look for a pull back to get long on this index also. The XAU is still building a base. We are long the XAU.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next