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

To: HairBall who wrote (41609)	2/28/2000 11:00:00 AM
From: Walt Deemer	Read Replies (1) \| Respond to of 99985

I'll let you (and others) draw your own conclusions about just how bearish that failure to better the 1998 high is. >Frankly, I would be interested in what you think...if you >would not mind sharing...<g> Heck, LG; you know how to read charts as well as anybody -- what part of "top" don't you understand? <g> <-- Please note! (In case you came in late, we're talking about a long-term NYSE Financial index chart at 4w.com I didn't draw in any trendlines, etc., on the chart so as not to prejudice anyone from interpreting it as bearish -- or as Really Bearish -- and so anyone who was interested could draw their own lines on an uncluttered chart. But the fact that the index has traced out the biggest top in at least ten years certainly sticks out like a sore thumb. In addition, the NYSE Financial index usually tops and bottoms ahead of the broad market averages while the NASDAQ usually lags them. The Financial index's peak last November thus foreshadowed the S&P peak in late December-early January, and I suspect that the gravity-defying NASDAQ will follow the leaders at some point (probably sooner rather than later). I also suspect that the NYSE will bottom ahead of the broad market averages here, too -- especially on a relative basis. -- Walt Deemer