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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Tiley who wrote (19717)	2/5/1999 5:24:00 PM
From: Clint E.	Respond to of 69173

Hi Manish. I agree with almost everything you said. I look at the action in the past two days as backing/filling instead of a breakdown. Most stocks are just filling the created gaps of the last two weeks due to various announcements(mostly stupid split news). We dropped from 2533 to 2346, almost 190 points, within a few days so some bounce is expected. They could have really crashed it today, from the mutual funds side and MM side but they didn't. The little guy is still looking to buy msft and csco for the long term. Somebody asked me when I care about money flow. The answer is now. When the market is weak, MF matters most. Negative MF in the SPX stocks has been dropping off as we were heading lower this weak. I'll be interested to see what it was today. A trading range market makes sense to me for now. The 1st resistance is at 2400 and the next one at 2440. I expect us to take out 2440 early next week and then struggle with 2475. Clint