MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 691.66

-0.1%

Jan 16 4:00 PM EST

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To: dennis michael patterson who wrote (57366)	7/30/2000 8:49:42 AM
From: Les H	Read Replies (1) of 99985

The S&P and Dow were still holding up relatively well when he wrote that commentary. I had an overbought on the S&P last week which is now near neutral. The Nasdaq is nearing a low in terms of time and being overextended with RSI Wilder at 37. Wouldn't be surprised to hit 100 percent buy signals by Monday and RSI Wilder bottom around 30-32 since it's not uncommon to bounce on approach of the signal line. The 10-day TRIN is above 120. The 10% exponential smoothed trading bands have the bottom band at 3560. The 2 1/2 standard deviation trading bands are around 3680. I think we get a potential touch or break of the 10% ESA bottom band before a strong snapback rally.

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