MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.47

+0.6%

4:00 PM EST

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To: StockOperator who wrote (13001)	5/6/1999 12:57:00 AM
From: Compadre	Read Replies (1) of 99985

SO: I could see some improvements in the charts as you did. But I still think they are not out of the water yet. INDU, COMPX, NDX, SPX and OEX closed above their 10 day EMA today. Most importantly for the NAZ and the NDX tested successfully their 55 day EMA's, that preserved the bull trend. W%R turned around from midway to head up is a good sign for the NAZ and NDX. But it's not out of the woods yet. For one thing, the MACD indicator is still bearish for the NAZ, NDX, SPX and OEX. Even the INDU is displaying a flattening of the top. DOT is still far from being healthy. It is still below the 34 day EMA and the 13 day EMA crossed over the 21 day EMA yesterday. Although W%R (34) and Stochastic (8) giving buy signals. Increasing volumes during the rebound is reassuring, but they are short of the sizzling volumes that characterized the sell off at the market tops recently. IMHO we must have at least 2 more days of solid buying with confirmed volumes for me to start feeling fuzzy and comfortable. But it did make me think about a possibility that this rally may have more legs than I thought previously. Regards, Jaime

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