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

To: HairBall who wrote (8960)	3/24/1999 1:47:00 AM
From: Smooth Drive	Read Replies (1) \| Respond to of 99985

Hello LG The DOW INDUSTRIALS closed down – 218.68 points or – 2.21% at 9671.83. It's also down – 258.63 points or – 2.60% from a week ago Tuesday. It did taste 10000 three times last week but couldn't close in the Promised Land. Reminds me of a honkey boy who can just get the ball to the rim – but no dunk . TRANSPORTS closed down a big time – 80.57 points or – 2.46% at 3195.11 and down – 193.45 points or 5.71% for the week. In the last three trading days it has closed within 10% of its high low range added to the low, and that provides an 85% chance of a lower low the next day. Its lows have been 3338.48, 3273.74 and 3187.71. I expect tomorrow to be lower too. The UTILITIES closed down – 3.27 points or - 1.08% at 299.95 but only down – 1.59 points from last week. The S&P 500 closed down – 34.87 points or - 2.69% at 1262.14 and down - 44.24 points or - 3.39% for the week. The NAZ closed down - 73.10 points or - 3.05% at 2322.84 and a big time – 116.43 points or – 4.77% for the week. The NDX closed down – 65.80 points or – 3.25% at 1961.31 and it's down - 5.39% for the week. Both the NAZ and NDX have an 85% chance of a lower low tomorrow. The A/D lines for the NYSE, OTC and ASE are terrible. They are also lower than they were 10 days ago. Mike Burke at CHARTCRAFT suggested I watch the 10 days difference as one of my short term indicators and I'm now studying that. Most of my index P&F charts are now on sell signals. The DJIA 50 X 150 chart has an incomplete (it's incomplete until such time as it reverses back up) bearish price objective of between 8850 and 9250. The DJTA has an incomplete bearish price objective of between 3060 and 3190. On and on and on -- Many P&Fers use the High Low Index and stocks above their 10 week moving average as their two primary short term indicators. I don't believe that's enough -- and if you look back over my recent posts I have been long and short term bearish. In addition, the High Low index will reverse back down tomorrow. When the indicators change -- I'll change. I think it's going to get a little darker and colder. Stay warm. Take care, Eric