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

To: JRI who wrote (65022)	12/22/2000 10:50:10 AM
From: HairBall	Respond to of 99985

JRI: For this rally to be of any significance, she's got to go up a ways from here...how ever much time it takes...<g> Where do you think the next major pt. to enter this rally is (I'm out right now...I sold at open)...at the gap filled Nasdaq composite of 2511? When does this become real? COMPX <---- First of all, this is a counter trend rally, so it will eventually fail. The question is when. Before this rally gets beyond just being a bounce the COMPX has to move above its recent gap down and then begin to extend the rally from there. (Extend above 2512/13.) Also, do you expect any pullback intra-day and to where? I have seen selling throughout this rise. However, I would expect the strongest resistance to be at the upper bands of the gap down for the NDX and COMPX (2400/01 & 25812/13 respectively). "If" an intraday retrace occurs, targets would be for the NDX and COMPX the lower bands of the 12/19-20 gap down. For the QQQ and NAZ Futures, the upper band of the 12/19-20 gap down. Regards, LG