MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

+1.0%

Nov 21 4:00 PM EST

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To: d j chen who wrote (58944)	9/13/2000 10:38:17 AM
From: Les H	Read Replies (1) of 99985

It means that most of the expert signals on the individual stocks are firing to go long. This can stay this way for a while since market momentum for an over-bought/sold condition can have weak sell-offs/rallies and continue that way. This is confirmed by the Stochastics reaching single digits on the Nasdaq. RSI is at 40. You look for potential support areas, such as fibonacci retracements/extensions, trendlines, moving averages, or trendlines to see how far the momentum may carry this sell-off. Today's bounce came at the May-August trendline at 3790 and near the 62% Fib retracement of the August-September rally. Also, have the lower Keltner band at 3763. I would have to wait till end of day to see if I have an index buy signal to confirm the individual stock signals. I still have the confirmed Nasdaq sell signal in effect from last week. The Dow/NYSE are still on active buy from August 1, but the unweighted Dow composite ticker fired a sell signal September 6 which is not as reliable since it only uses the breadth of 30 stocks.

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