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

To: IndexTrader who wrote (40724)	2/19/2000 1:47:00 AM
From: Michael Watkins	Respond to of 99985

Hi Susan, Well, the last few days I have been able to find charts that looked like they could bounce, and most all of them have followed the market down instead. Again I see some today; I tend to think it will bounce but I think we will need to pick sectors that aren't sitting too close to overhead resistance. On the otherhand, if 1366 does prove to be support; I wonder if my thoughts on 1377 as upside resistance will come to pass? That's a pretty small range; in fact it would be typical for a small range bar to be drawn out here, and the following day being the one that gives us our short term duration. I haven't updated all my charts yet and posted them; the most troubling thing is my volume accumulator on the NYSE, it has solidly moved down through any range it was once in; the Nasdaq has made a nice hook in it and I would imagine another down day there will start to make it look much more interesting. I'll try to post some charts tomorrow... Since I'm all in cash and low volatility shorts right now, it doesn't matter to me much what happens; hopefully it will be a nicely directional week as I don't trade at all in congestion... and today was hard to go wrong.... Best regards, Michael