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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: James Strauss who wrote (1876)	12/15/1998 12:48:00 PM
From: John Pitera	Read Replies (1) of 99985

James, I follow your logic, the Nasd on the daily charts is displaying a profound RSI and Macd price divergence. We have had 3 successive rallies to new highs with decreasing momentum. Normally this type of price action would then mandate that the Nasdaq have at least a .382 retracement of the Oct 8- Dec 8 rally. This would be around the 1810 level. I notice that the 50 day MA is currently 1812 and the 200 Day Ma is at 1806. This is a potent price cluster and will be very solid support of course we are 180 some odd points above that and we could have a sidways distribution period until Jan. If Clinton can avert a House Impeachment--we will know in 2 days--this market will pay no attention to the Momentum divergences and boom to a new high Passing Observations, John

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