MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 672.07

-1.7%

4:00 PM EST

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To: HairBall who wrote (9380)	3/29/1999 10:26:00 AM
From: donald sew	Read Replies (3) of 99985

INDEX UPDATE ======================================== Right now with the DOW up 80 and NAZ up 28, my short-term techicals are now in the upper mid-range for the DOW/SPX/OEX. Surprisingly for the NAZ my short-term technicals have just entered the overbought region and is approaching CLASS SELL status quickly. With the DOW/SPX/OEX in the upper mid range, that imples that the potential upside is 2-3 days which would still be in line with the end of month rally. Previously, I have mentioned the resistance lines of 9750 & 9900. 9900 was just reached and exceeded slightly. Will 9900 hold or will it go higher and make another attempt at 10000, I DONT KNOW, since anything can happen when my technicals are in the mid-range. At the same time we should not discount the statistical issue of the end of month rally, which implies futher upside. Well, I had to leave for 20 minutes and when I got back the DOW is up 126 and the NAZ up 40. gggggggggggggggggggg So now I have to redo my short-term technicals and the NAZ just became a borderline CLASS 2 SELL and the DOW/SPX/OEX is still right now about to enter the overbought region. Boy things change fast now adays. Seeya

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