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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 691.88

-0.3%

Jan 30 4:00 PM EST

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To: Casaubon who wrote (7183)	2/28/1999 12:53:00 AM
From: Terry Whitman	Read Replies (3) of 99985

>>The downward price action we have seen so far this month in the markets is a "nontrending" event, since there is no volume confirmation<< A breakout on the OBV can come with small volume, if it is consistently down. OBV data on the indexes is hard to find. Here's a chart of the SPY which should closely model the SP500- iqc.com Though the volume hasn't been heavy, it has been consistently negative over the last couple of weeks, and the OBV is breaking down to territory it hasn't seen in a while. This is a sign that the downtrend should continue. Of course, you are correct that there is no RED ALERT volume sell indications- Just indications that the current trend should continue. If you see the volume increasing on mildly negative days- then start to worry. (Unless you're short)<g> G'nite, TW

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