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

To: donald sew who wrote (28413)	10/5/1999 10:50:00 AM
From: Benkea	Read Replies (1) \| Respond to of 99985

Thanks Don.

To: donald sew who wrote (28413)	10/5/1999 11:21:00 AM
From: HairBall	Respond to of 99985

Donald and all: I am in the middle of a ton of paper work, I let myself get behind....got to keep Uncle Sam happy! I am trying to keep up with the thread, but I have little time to post. Sorry to those that have sent me PMs or posted me and I have not replied. However, I just have to post this...<g> I can't remember who posted the newsletter by the Market Guru, I think the guru was Ord Oracle, what a name. <g> Anyway, I believe he expected a retrace of the SPX futures to the 1350 area to fill the gap. I assume Ord was speaking of the gap down created between the close on 9/20 and the open on 9/21. (E-mini chart) The market has broken bearish formations on several major indices. This often happens at medium-term market pivot points. (bottoms) However, I believe this is only a short-term move destined to retrace much of the move down off the 8/25 high. To fill the gap a move up to the 1348 S&P E-mini area would be needed. That just happens to be very close to the Fib 61.8% retrace at 1350. Of course, before that gap can be filled the descending resistance line off the 8/25 high will have to be broken. That should prove to be strong resistance. My intraday indicators are already showing over bought conditions. The daily indicators are near neutral, but heading up. This implies there is room for more upside movement. The market is beginning to labor a little as I type. If the S&P futures (E-mini) gets that high, I expect the gap will prove to be final resistance to this retrace. However, the market could turn down at any point, but with the FOMC meeting today, we all know the approximate time frame...<gg> Back to the woodpile...good trading all! EDIT: SI is making it very difficult for me to post this message, I am getting tired to trying to get it to post... Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on anyone person's views or analysis. Do your own research and take responsibility for your investment decisions.