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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 671.910.0%Nov 14 4:00 PM EST
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To: briskit who wrote (16041)6/4/1999 7:40:00 PM
From: bearshark  Read Replies (1) of 99985
 
Mike:

I do not use Elliot wave. However, the 100 points was derived in two ways. When the INDU was up about 30 points or so a little pennant formed. It pointed to an additional 100 points. Additionally, the inverted H&S on the INDU pointed to 10800 also. With today's light volume, I consider today as a non-event.

However, the players tipped their hand from about 11:30 eastern. By watching the relationship between NYSE advancing volume and declining volume and watching the relationship between the NYSE advancing and declining issues, I could see the sneaky buying. At the start, advancing volume exceeded declining volume by about 110 million--it may have been a little lower when it first started. As the day progressed, the nibbling gained momentum. The difference increased to 115 million and kept going from there to 110 million. The next step moved to a 120 million difference. This was happening with the issues relationship changing very little. The INDU and the SPX, etc. were doing nothing. The volume difference progressed in bites to 130 million and then 135 million. It kept taking a little back-step along the way. By about 2 PM eastern or so, it was around 150 million or so. Finally, it moved to 180 million and the issues started following. Then it was time to let everyone in on it.
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