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

To: bobby beara who wrote (49580)	5/6/2000 3:34:00 PM
From: Les H	Read Replies (1) \| Respond to of 99985

Where's larry kudlow when you need him? WHAT TO EXPECT NOW. Ord Oracle. May 2, 2000. Timer Digest (203) 629-3503 has us ranked The Ord Oracle #3 in performance for 1999. The uptick readings have increased to a level that appears near short-term tops. Today's high uptick reading reached plus 775. There is a trend line connecting the highs of March 24 and April 10 on the June S&P's that should provide resistance. This trend line comes in near the 1500 level on the June S&P's. The ARMS index on the NYSE closed Friday at 1.90, which usually indicates the market may take another short-term bounce (which it did). The "5 day ARMS" on the NYSE closed today at 5.33, which is on the bullish side of neutral. No bearish candle was drawn today and therefore no signal for a short term top. The June S&P's may rally up near the trend line at the 1500 level before a signal is generated. The Nasdaq composite "5 day ARMS" closed today at 3.30, which is a reading found near short-term highs. The Nasdaq composite volume has decreased as this market made new modest highs above the previous high of the April 19 high. When a market breaks to new recent highs the volume should increase not decrease. Therefore the Nasdaq composite is near or at a high now. The Naz could hold up one more day and go a bit higher but in general the up is over. We are short the NDX on today's close at 3829.84. Our first downside target is the previous low set on April 17 at the 3100 area. You might take a look at the QQQ that mirrors the Nasdaq fairly close.