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

To: donald sew who wrote (21775)	8/3/1999 5:34:00 AM
From: donald sew	Read Replies (1) \| Respond to of 99985

Hi All, As mentioned in the weekend update I was getting quite a few CLASS BUY signals and that I suspected that the bounce would begin on TUE. Intraday(MON) I got CLASS 1 BUY signals on the DOW,SPX,OEX and at the close I got a weak CLASS 1 BUY signal on the NAZ. The BUY-IN will be at TUEs LOWS. Yesterdays big intraday reversal to the downside was a bit disheartening for the longs, but at the close the overall market closed slightly negative and gave CANDLESTIC REVERSAL signals, which were the "GRAVESTONE DOJI" on the DOW,SPX,OEX and an INVERTED HAMMER on the NAZ. Of course these reversal signals need confirmation, but since they are occuring at the same time as my CLASS 1 BUY signals, I am still expecting a bounce today, I am not expecting this bounce to last long and will probably be out of my long position on WED and will start to initiate short positions then. For the mid/longer term Im still bearish. I believe there is a RISING FLAG PATTERN on the DOW, which I am interpreting as bearish. Connect the HIGHS of MAY and JULY for the UPPER TRENDLINE, and for the LOWER TRENDLINE connect the LOWs of JUNE and yesterday. This is a pretty substantial FLAG since it is about 3 months long, and a break of the lower trendline should imply a strong period of selling. seeya