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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.08

-0.8%

Nov 18 4:00 PM EST

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To: Haim R. Branisteanu who wrote (5986)	2/10/1999 6:33:00 PM
From: donald sew	Read Replies (2) of 99985

INDEX UPDATE ================================= Although I received many CLASS 1 BUY signals, I am noticing hints that this forthcoming rebound could be a weak/short one. The NEW LOWS closed at 101 which is significantly higher than yesterday's 80 NEW HIGHS. I realise that sometimes it takes time for the market internals to improve, but for the NEW HIGHS to get significantly worse while the price reverses to the positive side is not a good sign. The RUT has probably performed the worse during the recent pullback, and simply is showing hardly any strength and closed near its low. The VIX was still below its recent peak, implying lack of capitulation. I previously mentioned that the signal appears to be early(reaction late/weak), which also implies that this rebound could be weak. Per my short-term technicals the rebound started, or should I say limping. There could be some more upswing but it just appears that it should not amount to much unless the market internals improves IMMEDIATELY and SIGNIFICANTLY. I highlighted those words since a small improvemnet aint good enough. In light of the above, the market could see more selling quite soon. I am suspecting that my short-term technicals will not get back to the overbought range before selling starts again. Seeya

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