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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.53

-1.5%

Nov 20 4:00 PM EST

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To: Lee Lichterman III who wrote (73)	12/3/1998 8:14:00 AM
From: donald sew	Read Replies (3) of 99985

INDEX UPDATE ====================================== As indicated previously, I got a CLASS 2 BUY signal yesterday with the BUY-IN point at today's lows, and if 8955 holds today then I believe the upswing started. From my calculation, this short-term upswing cycle should last 4-6 days, so the TOP of such cycle should arrive next THU/FRI. In this short-term upswing I doubt it will be smooth, but should take a ZIG-ZAG pattern with a overall upward slope, probably producing a FLAG or WEDGE. Still feel that the maximum upside is a retest of the highs at 9375, but more likely it will fall short of than and end up in the 9100-9200 range. The HiTECHs are still strong and if we do get this rebound in the DOW starting today/tomorrow the HiTECHS should also move up some more, but should start to slow down and flatten out forming a short-term top by the end of next week. Last night the futures were down about 12 when I checked them and now they are up 2. Seeya

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