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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: Lee Lichterman III who wrote (969)12/8/1998 10:20:00 PM
From: dennis michael patterson  Read Replies (1) of 99985
 
Jerry Favors Analysis - Tuesday, December 8, 1998 8 p.m.

At the lows early this morning the Dow was down as much as
54 points. The Dow then rallied and at the highs the Dow was
up almost 17 points. The Dow then turned back down this
afternoon and at the lows the Dow was down as much as 123
points. We closed down 42.49. Our work suggests some
further pullback is probable short term. But there is no
reliable signal just yet that we have seen any sort of
important top. The Nasdaq at the highs today was up as much
as 20 points, the equivalent of a 90 point rally in the Dow.
However the Nasdaq closed down 5.89. The Transports at the
highs today were up as much as 50.34 points, the equivalent
of a 146 point rally in the Dow. The Transports closed down
10.38.
We must allow for some further correction in the Dow
short term. If the Dow had closed up today we would have
gotten buy signals from several short term
indicators, however the Dow closed down so those signals were
not given today. They could still be given tomorrow but to
this point the Buy Signals have not been given. So at this
point the Dow could rally very short term but not necessarily
prove the next wave up is underway.
Any rally above 9089 on a print basis in the Dow tomorrow
will signal higher prices, at least short term. A decline
below 8964 on a print basis tomorrow morning will signal a
test of 8946, and if 8946 is broken lower prices will
follow,at least very short term tomorrow.
Short term traders we will hold positions with the same
stop.

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