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

To: Challo Jeregy who wrote (29014)	10/11/1999 12:51:00 PM
From: j.o.	Respond to of 99985

Hi all, I've been looking for this 10,700 level to be reached - I consider it the key resistance for this market at the moment. I get the line from connecting the May/June and August lows. We moved fast once we broke this to the downside, and it should be tough to retake now. Considering the weakness of the internals during the upmove, I have to say that I favor a failure to regain 10,700. If we were to close above that level, I would close my short-term short position (established S&P short on Indextrade at 1337.0) and see what happens. What with Columbus day, I guess that we probably can't expect too much from the afternoon. BTW - 10723 is exactly the 50% retracement of the recent Dow downmove. Kinda nice when those things work out that perfectly... Good trading, j.o. indextrade.com