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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 675.37

-1.2%

Nov 4 4:00 PM EST

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To: HairBall who wrote (8538)	3/20/1999 7:42:00 PM
From: Jorj X Mckie	Read Replies (2) of 99985

LG, From a PnFer POV. Main market indicator, the NYSE Bullish Percent has been on a sell signal since Feb 2. Some leading indicators turned positive recently, though never went to a buy status. This also happened last August before continuing down. The NYSEBP is at 40% right now, but started its trip down from 56%. The NYSEBP was at 72% when it turned down last year and ended at 16%. The point being, the higher the percentage from whence the turnaround starts, the more profound the move down is likely to be. DJIA (9903) 9600 Minor support at 9600 (last triple top). 9250 Triple Bottom Support 9100 Quad Bottom Support 8950 Bullish Support Line 8900 BK Naz Support (2410) 2420 2370 2300 2210-2240 S&P Support (1299) 1290-1295 1210-1220 Though totally against Piffer policy of predicting, I'll go for a 10% correction, clock ticking from yesterday to April 15th or when CSCO corrects 10%. I'll stick with the idea that the only BK that we will see is the one down at the corner serving burgers. JXM

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