MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.47

+0.6%

Nov 28 4:00 PM EST

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To: Les H who wrote (15574)	6/2/1999 8:53:00 AM
From: donald sew	Read Replies (1) of 99985

Don't have much new to put on my INDEX UPDATE, but just that my short-term technicals are in the LOWER MIDRANGE for the overall market, and on a statistical basis seldom will strong selling start at these levels. Therefore I am expecting some upswing before the strong selling starts again. This upswing should not be that strong and may only last 1-2 days. The SPX resistance of 1320 should hold if it gets that high, and there is another resistance around 1301 before that. Obviously the economic news will have effect on the direction, so if we do get some good news it should push the SPX to the resistance area, but then selling to resume. seeya

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