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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 679.68

+0.7%

Nov 26 4:00 PM EST

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To: HairBall who started this subject	1/20/2001 12:01:23 PM
From: Square_Dealings	Read Replies (2) of 99985

The Japan bubble did a 38% retrace before heading down on the final leg and it was a sharp retrace. So far the Naz is almost duplicating the 1980 Japan market in price and time. sharelynx.net For the Nazdaq composite a 38% retrace would be a move to 3346 which also corresponds to the current 200 dma. askresearch.com Since the 200 dma and 38% fib retracement levels are coincidental it provides a very strong resistance imo. and would be a good place to get short with a tight stop. If we take out Friday highs, or retrace to fill the gap at 2638 and turn back up I would consider getting long, but it would take a successful resolution of the CA energy crisis and/or a significant rate cut to provide enough boost to move higher (both of which I am very skeptical will happen). M.

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