MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 690.27

0.0%

Dec 26 4:00 PM EST

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To: Les H who wrote (58512)	8/28/2000 6:18:52 PM
From: Les H	Read Replies (1) of 99985

WHAT TO EXPECT NOW. August 28, 2000 The McClellan Oscillator made a new short term low at minus 16 today with the S&P's made a new modest short term high. This relationship is still showing a negative divergence. The Volume has been trending lower as the market has moved higher and this is one of the reasons we expect a correction will begin at any time. The current volume and price formation imply the market is still forming a "Up sloping Wedge" pattern. This pattern has a downside target near the 1455 area on the S&P cash index. For the moment, this pattern has not been voided and therefore we expect it to be fulfilled. "Wedge" patterns can try ones patients by trading out towards the Apex (much like the current "Wedge") but they have a high probability of success. If Volume comes in to the upside and voids the pattern, we will cover our short. So far, that has not happen. We are holding our short. The Nasdaq September Futures drew a bearish "Doji" pattern on Friday in candlestick charting. Today it drew a bearish "Shooting Star". Both of these patterns suggest that Nasdaq is running into resistance. However, they may be a pull back, we would rather look for the pull back bottom and go long. We are staying flat the Nasdaq. Still long XAU. Some of the stocks in the Xau are starting to show signs of strength. marketweb.com

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