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

To: SJS who wrote (4750)	1/27/1999 4:21:00 PM
From: J. P.	Read Replies (3) \| Respond to of 99985

One thing I'm watching very closely, and has not happened yet, is a Nasdaq close above the highest intraday level reached on January 20th,the day Microsoft announced earnings. Until it does happen, that is the top, and the trend is down. iqc.com I've looked all over the SI thread, and all I can find is bulls. Even the big Kahuna thread. It is a little disturbing to me, because I am very bearish right now. I think we go down to the 200 day moving average on the Nasdaq, which is between 1900-2000. If you look a three year chart, the 200 day moving average has been support for the Nasdaq on tech retreats. The one exception is last october where the 200 dma was pierced (just to sucker us in who've played that trend :) ).