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

To: Michael Watkins who wrote (41426)	2/26/2000 10:53:00 AM
From: Les H	Read Replies (1) \| Respond to of 99985

That's pretty much what I've been expecting too. I haven't done the math on the component stocks, but suspect the only reason they are lagging is due to support from the tech stock components in the indicies. Looking at the NYA, it seems pretty obvious where this is all headed. I believe the SPX and OEX finished the week at the trendline from the 1998 lows. The expected break later next week would confirm the fall to their base lows of the 'dome' or October. The odd thing about the base, compared to the 1998 "three peaks and a dome base", is that this base is a series of declining lows. So, the SPX and OEX may retrace below the lowest point on the bearish support line at 1200 which would retrace half the move from the 1998 lows.