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Strategies & Market Trends : MDA - Market Direction Analysis

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To: Cymeed who wrote (6117)	2/11/1999 5:20:00 PM
From: donald sew	Read Replies (3) of 99985

INDEX UPDATE ===================================== Well, my damn CLASS 1 BUY worked, but I thought I was smarted than my signals and didn't play them. ggggggggggggggggg I had earlier posted when the DOW was up about 100 points, that the NEW HIGHS were at 20 and the NEW LOWS were at 84. The market then ran up hard another 80 points but the NEW LOWs increase to 104 and the NEW HIGHs only increase 1 to 21. A similar patter occured with the ADVANCE/DECLINE, that during that last surge the A/D actually got worse. We are back close to the top of the STAIR-STEP near 9350-9400 and we are close to the UPPER TINE of the MAIN DECLINING PITCHFORK. If the market internals do not improve dramatically and immediately this upswing should start limping. I dont want to make a conclusion based on one days performance, so I will wait until the UPPER TINE of PITCHFORK is broken to the upside significantly before saying this correction is over. As much as I want to kick myself in the butt, and I got a big butt, for not playing my CLASS 1 BUY signal, I had noticed that the reversal was was slightly late/weak yesterday in reference to my CLASS SIGNAL. As I have mentioned in the past if the reaction is late/weak(which it was yesterday) then that implies that this rebound could be somewhat weak. A normal reversal is in the 400-600 range. Previously, I had CLASS 1 BUY signals in most of the indexes except for the DOW which was only a CLASS 2 BUY. What is surprising is that with todays strong performance, my short-term technicals on the DOW are already approaching the overbought region. The actual reading is at 76 and the overbought line is at 80. It would become a CLASS SELL again if it moves up 1-2 days. The other major indexes are now smack in the middle. Again, I wont make a conclusion on 1 day's trading. seeya

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