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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.72

+0.4%

4:00 PM EST

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To: bobby beara who wrote (7339)	3/2/1999 3:50:00 PM
From: donald sew	Read Replies (1) of 99985

Bobby, >>>>> Looks like the SPX will close down today after the fakeout. If so, this registers five consecutive down days, a Titanic confirming indicator. <<<<< At the intraday high the DOW was up about 95 points, and to give it all up already, is not a good sign. I take this movement quite serious in light of where my short-term technicals are. Lets say that there was a 100 point intraday pullback like today while my short-term technicals are in the overbought region - that is normal. But to have a 100 point intraday pullback when the major indexes are in the lower mid-range/near oversold is a significant sign of weakness. Origninally, I did not feel that a big pullback would start immediately, maybe another upcycle near mid-MARCH, but this is really looking ominous. seeya

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