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 695.56

0.0%

Jan 28 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Les H who wrote (66228)	1/8/2001 7:53:28 PM
From: Les H	Read Replies (1) of 99985

WHAT TO EXPECT NOW. January 8, 2001. Ord Oracle. Today in candlestick charting on the March S&P's a bullish "Hammer" formed. On December 3, in candlestick charting on the March S&P's a "Bullish Engulfing" pattern formed. This pattern "engulfed" the previous six trading days. "Bullish Engulfing" patterns strength increases when more days are engulfed. Therefore, this particular "Bullish Engulfing" pattern represents a strong signal. The "5 day ARMS" closed today at 7.90 on the NYSE. Readings above "6.00" appear near lows. Readings near "8.00" and above appear at significant lows. The tick index readings did expand to the upside today, hitting 587 which is a short term negative. We are long the SPX on today's close at 1295.86. The first upside resistance is near the 1350 area on the SPX. We may take a look at an OEX call option intraday tomorrow. The Nasdaq 100 drew a "Bullish Engulfing" pattern on January 3. This pattern "engulfed" eight days, which implies a strong buy signal. . The January 3 day can also be called a "Sign of Strength" in Wyckoff terms, which is also bullish. A "Sign of Strength" is a big up day on huge volume. January 3 rallied 441 point on volume of 3.17 billion shares. The "5 day ARMS" on the Nasdaq closed today at "8.39". This reading is found near significant lows. An another bullish factor is the light volume pull back off of last week's highs. A light volume pull back to test the January 3 low is bullish and the lighter volume the more bullish the scenario. January 3rd had 3.17 billion shares traded. Today' s volume was 1.77 billions shares, a 40% decrease in volume, this is a bullish occurrence. The actual intraday low may come tomorrow, but we are expecting a higher close than today's. We are long the Nasdaq 100 on today's close at 2281.76. The QQQ may hit 52 tomorrow. We may consider a call option tomorrow if the bullish technical persist. We are bullish on gold. Wave "1" up was the October 1999 rally. Wave "2" down ended at the November 2000 lows. We think wave "3" has started. We are holding our long position in the XAU.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next