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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

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Nov 14 4:00 PM EST

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To: bobby beara who wrote (5767)	2/9/1999 5:38:00 AM
From: Arik T.G.	Read Replies (2) of 99985

>> it looks like to me the tech averages are making a wave 4 rebound to re-touch their failed trendlines. Me, too. exchange2000.com Now that MSFT and INTC rebounded (CSCO maybe some more today), the NDX can head lower without stretching into oversold. As I mentioned in the past- the first support for the NDX after breaking the uptrend line is around 1700. That's 20% lower from current level. Any idea for the ST target of the 5 ? Time frame should be Wednesday close / Thursday open, but magnitude unknown to me. Also SPX had intersecting forks around 1230 on Monday and the rebound was weak. Breaking 1230 today would send it IMO to 1210, breaking the flag formation to the downside and setting a lower local low. Then instead of a rally I think a zig zag 1210-1230 for a few days before the next down move to 1160. So I have a target of SPX 1210 on Thursday open, then low 1230s next Monday, then 1160 after expiration. I think the NDX could be close to 1700 area by then. exchange2000.com exchange2000.com ATG

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