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

To: Jacob Snyder who wrote (46546)	4/15/2000 6:54:00 PM
From: Michael Watkins	Read Replies (1) \| Respond to of 99985

Jacob, For QQQ, if we don't bounce hard on Monday, I think you have to redraw your support lines down to where they were in Sept/Oct 1999. That would be about 59. Sure nuff, my point is to point out the critical area now being tested. You can draw the same lines more or less on NDX or COMPX charts as well. Any number of scenarios could play out here, it will pay to be nimble and alert. A complete washout -- a slow sink and then a fast rally to resistance -- a rally very soon into resistance (say 95'ish on the QQQ which would coincide with declining moving averages too). I've held my QQQ short and will evaluate Monday. A rally would be a nice opportunity to reshort at higher levels.