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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (21176)	7/27/1999 9:02:00 AM
From: Lee Lichterman III	Read Replies (2) \| Respond to of 99985

Thanks, well I will be watching this bounce closely to see it's magnitude. One thing that concerns me about the bounce looking so strong in at least the context of the futures, is that there was no real bottom put in TA wise. Yesterday's volume was weak, the candle was a plain black one, no hammer, doji etc. I did re-adjust my fork and the middle tine is here for the NASDAQ, OEX and SPX but I adjusted it after I had made my updates last night so it won't reflect until tonight. To do your own, put the bottom tine off the low before the one I show it on now. I would have liked to see a high volume day, a hammer bottom formation etc on the charts to call this bounce genuine. Yesterday's breadth indicators were horrible although on low volume. Advance decline was 2-1 negative on the NYSE with volume almost 5-1 negative. The NASDAQ was 2-1 across the board. Sentiment like that just doesn't change because the dollar stayed up over night one time. Here is hoping for a double bottom test in the future with a better confirming chart indication. Time to go to work, Good Luck, Lee