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

To: NucTrader who wrote (58010)	8/10/2000 1:47:33 AM
From: Stcgg	Read Replies (2) \| Respond to of 99985

Nuc - We're at a critical juncture.. The Dow showed bullish strength by rising over it's July peak, so today's high of 10988 becomes the focal point for future moves.. I can't call it a breakout of the diamond since you can draw a downtrend line from the peaks of Jan, Apr and today, also today's 10988 is .618 of wave 1 down.. Any break out above today's hi should result in a run to ~11425 in the Dow.. In the meanwhile, expect at least a pullback to as low as 10725, any break below 10465 indicates the bear is back in the Dow.. siliconinvestor.com SnP is in the same boat, topping today at 1490.37 which was slightly above the 62% retracement of it's wave 1.. Any close above today's high will be the focal point going forward.. Naz likewise is at a critical juncture.. If the futures open up below 3775 (most likely), see if the Index can stay above 3750, (89 1/8 in the QQQ's) on any pullback, if not, the bear trend is not broken and a re-visit to test or go below the May lows should be expected.. If the Index can top today's 3936 and run over 4000, then a re-test of July's 4289 would be the next resistance level to breakout of for the bull case.. siliconinvestor.com So the answer your chart shows is accurate, the market needs to give it's next signals before we know which way it's going short-term.. Hope this helps! >><<