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

To: Les H who wrote (37224)	1/11/2000 6:58:00 PM
From: Les H	Respond to of 99985

WHAT TO EXPECT NOW. ORD ORACLE. Timer Digest (203) 629-3503 has us ranked The Ord Oracle #3 in performance for 1999. In general the market should rally higher for the short term. The "5 day ARMS" appears to be in gear and working again. Today's "5 day ARMS" closed at 6.43. Readings near the "6.00" level and above appear near lows. Therefore this indicator says the market is closer to a bottom than a top. In candlestick charting on the March S&P's over the last several business days a bullish "Tower Bottom" formed. The "Tower Bottom" is usually a strong bullish signal. The bigger pattern going back to November 16 takes on the appearance of a "Expanding Triangle" Pattern. "Expanding Triangle" patterns are normally continuation patterns. In other words, if the market rallies into a "Expanding Triangle" pattern than the market should rally out of it. On January 3, a bearish "Engulfing Pattern" was drawn. Normally bearish "Engulfing Patterns" highs are re-tested and once re-tested turn into a resistance area. The high on the bearish "Engulfing Pattern" was 1496 area on the March S&P's. Therefore our first upside target for the first resistance area is the 1496 level. It appears the market will eat through that area but it may bounce off a couple times before going through. We are staying long the mutual funds for now.