MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: Les H who wrote (63212)	11/27/2000 11:43:27 PM
From: Les H	Read Replies (2) of 99985

WHAT TO EXPECT NOW. November 27, 2000. The "5 day ARMS" on the NYSE reached to 6.82 near the last low. Readings near "6.00" and above appear near lows. The "Percent Volume" indicator reached .34 near the last low. Readings near .39 and below appear near lows. On November 22 commentary, we said "A down sloping "Wedge" pattern appears to be forming. A down sloping "Wedge" pattern has both the upper and lower boundary lines sloping downward that meet out into an apex. As the market approaches the apex, the volume decreases. This describes exactly the condition that is going on in the S&P's. Once the low is made the market quickly reverses and heads up. The minimum upside target for "Wedge" pattern is the where the "Wedge" pattern began. In this case, it's the 1450 area on the December S&P's." We haven't generated a buy signal yet, but one may be generated this week. The market may go down and fill the gap near last Wednesday low at the 1325 area on the December S&P's before this buy signal is triggered. Once this potential buy signal is triggered, we will look at an OEX December call. For now, we are long only the SPX. The Nasdaq 100 appears to be drawing a "Wedge" also. Its first upside target, once the "Wedge" pattern is complete is the 3360 area. The Nasdaq 100 may go down and fill the gap near last Wednesday close at the 2671 area and could go down and test the lower trend line near the 2585 level before heading higher to the 3360 level. This potential "Wedge" pattern should be completed this week. We are long the Nasdaq 100 for and upside target near the 3360 level. We are bullish on gold. We are holding our long position in the XAU. marketweb.com

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