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

To: Bonnie Morroe who wrote (7061)	2/26/1999 11:08:00 AM
From: donald sew	Respond to of 99985

INDEX UPDATE ==================================== If today closes significantly negative, then there is a reasonable chance that there be a significant bounce on MONDAY. However, if the bounce does occur on MONDAY then is should not last long, maybe a day or 2, and the pullback will continue. On a techncial basis this pullback will not be over untill the previous peak of 9611 is broken to the upside significantly. What could also happen is that the market resumes a zig-zagging pattern, instead of resuming its sell-off. As I have mentioned previously, I just dont see a huge sell-off or runup. For now I think 9050 is a significant support with downside possibility of 8700-8800. As for the upside, the DOW,SPX,OEX have formed a double top, and the NAZ has finished a cycle of LOWER HIGH and LOWER LOW which is implying a downtrend. In light of such and weak market internals, feel that 9600-9650 for the DOW is a very formidable resistance area . EDIT: If we close up today then that could have been the bounce and we continue down on MON/TUE Seeya