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

To: Gersh Avery who wrote (7526)	3/4/1999 5:20:00 PM
From: Sun Tzu	Respond to of 99985

Thanks, one life's mysteries has been demystified <G> ST

To: Gersh Avery who wrote (7526)	3/4/1999 7:08:00 PM
From: donald sew	Respond to of 99985

INDEX UPDATE ======================================== Per my short-term technicals, here are the positions of the various indexes: DOW - OVERBOUGHT SPX - UPPER MIDRANGE OEX - UPPER MIDRANGE HFX - UPPER MIDRANGE XMI - OVERBOUGHT DRG - OVERBOUGHT BKX - CLASS 2 SELL XBD(BROKERS) - CLASS 2 SELL UTY - CLASS 1 SELL NAZ - MIDRANGE NDX - MIDRANGE XCI - LOWER MIDRANGE MSH - LOWER MIDRANGE DOT - UPPER MIDRANGE TYX - OVERBOUGHT RANGE The NON-HiTECH indexes overall are in the UPPER MIDRANGE to OVERBOUGHT, so per my short-term technicals, if the market continues up, these sectors could become CLASS SELLs in 1-3 days so that would target next MON/TUE for a short-term top. It is obvious that the HiTechs are showing increasing weakness, and the market internals are still weak. On a technical basis, keep in mind that the previous peak was at 9611 so if the DOW does now break above 9611, it would produce a LOWER HIGH. On the last DIP the DOW produced a HIGHER HIGH, so if 9611 is not broken to the upside the DOW is still in a trading range. This implies that the forthcoming pullback, which should start next week, or could start as early as tomorrow if the numbers are bad, may not be that strong of a pullback which some are looking for, including myself, but it should be tradeable. Of course, if the numbers are very bad, that could send the market down hard. So I am expecting a trading range for a little longer(9050/9100 - 9600/9650). Since the DOW indexes are already in/near the overbought range, the 9600-9650 resistance area has a good chance of holding. The DOW will get to a CLASS SELL signal if it would move up 100-200 points. Seeya