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

To: Lee Lichterman III who wrote (5194)	2/2/1999 8:20:00 AM
From: donald sew	Read Replies (1) \| Respond to of 99985

Lee, >>>>>> 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. <<<<<<< Yeah, I did and it is an ominous sign. >>>>> This could be the quiet grinding down type correction that no one notices until it is too late. <<<<<<< The main support right now for the DOW is 8700 which developed by the DEC pullback. The MIDDLE TINE of the PITCHFORK points to approximately 8800 in about 6-8 days, so that is close. If we break below 8700 I have doubts that the following rebound would be very strong. If you recall I had a CLASS BUY SIGNAL last week at the previous dip around 9100. The DOW was able to rebound to yesterdays highs of 9400+, but that appears to be the extent of the rally. That was only 300+ points - just not a great sign of strength. I too have a suspicion of a slower grinding market to the downside, but that is based on subjectives not an analytical process. seeya