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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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Nov 21 4:00 PM EST

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To: donald sew who wrote (1349)	12/11/1998 2:12:00 PM
From: dennis michael patterson	Read Replies (1) of 99985

Jerry Favors Analysis - Friday, December 11, 1998 12:30 p.m. At the lows this morning the Dow was down over 73 points. The Dow has bounced off the lows but the breadth is still weak. Unless that breadth can improve dramatically between here and the close the Dow is still vulnerable to a much sharper decline this afternoon. If we do see a stronger decline this afternoon the bottom of the 21-Day 3 1/2% Exponential Trading Band should be near 8657 intraday today,so there would be support in that area. There is also initial support for the NYSE cash index near 558 plus or minus 1.50. If the NYSE cash were to reach 558 and the Dow were to fall a similar percentage the Dow would reach the 8717 area,plus or minus 40 points or so. Nevertheless we still look for a low in this December 11 plus or minus 1 day time frame. We will take no new action just yet but we will give a new buy signal for short term traders once we believe the low is in.

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