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

To: donald sew who wrote (5192)	2/2/1999 1:08:00 AM
From: Jack T. Pearson	Respond to of 99985

Donald, I did indeed mean 9120. Thanks for the correction. Jack

To: donald sew who wrote (5192)	2/2/1999 3:56:00 AM
From: Lee Lichterman III	Read Replies (2) \| Respond to of 99985

Well I should know better than to take an opposing side from you regarding market direction. I wanted a sign and I may have got one today. Did you notice the UTY and SPU? They got hammered today and while they stayed in the small down fork, both broke below the medium term forks. I guess they could be headed to look like the XOI next. This could be the quiet grinding down type correction that no one notices until it is too late. Chris, I still show the NASDAQ has more room before hitting the trendline referenced unless I got bad data today or something. I show today's high around 2533 and the top trendline at around 2600 so there is still more room since the trend line is diagonal and rising and should be around 2650 by the end of the week. That will also put the support line around 2450 to 2500. My indicator did turn down today though and the regular stochastic is starting to slow for the turn also so you could still be right about direction. Just not sure where you see the trend line being topped. Are you using linear? My charts are semi log so maybe that is it. There was still some strength in the market though IMO as the TICK reached over negative 900 that last hour and was mostly negative all day yet the market stayed even to up most of the day. I was actually amazed since I didn't see where the buying was to hold the indexes up other than DELL on the NAZ. IBM, GE, and PG were all down on the DOW and the bank index was down so not sure where they propped it up there. The SPX almost touched the mid term fork before turning down today and the OEX did reverse right off of it as well as the old support line from Don's wedge which is now resistance so that was significant to me as apparently there wasn't enough strength to break through. Now we see the reaction to it and see if we fall back to the middle tine as expected or hover up here a while and test it a few times before reversing down. Still digging around believe it or not at this hour but the A/D wasn't as bad as I hoped with the exception of the AMEX which is due to the utilities. Tomorrow is the FOMC meeting and CSCO earnings so it shouldn't be too boring from here on out. <g> Good Luck, Lee