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

To: Compadre who wrote (13461)	5/10/1999 7:58:00 PM
From: Les H	Read Replies (2) \| Respond to of 99985

BOTTOM LINE ON THE MARKET. May 10, 1999. ORD Oracle. On the sidelines for the moment. WHAT TO EXPECT NOW. At today's high at 1358 on the Jun S&P's the tick index readings reached +758. Up-tick readings exceeding +600 appear near short-term highs. To generate a short-term sell signal on the tick index method, an another high up-tick reading is needed (which is usually near 70% of the first) that coincides with a bearish candlestick pattern or appears the day after. Normally the second high up-tick readings price appears above the first high up-tick reading price. Therefore the June S&P's should surpass today's high of 1358.50. There is a resistance band around the 1360 area which is where previous highs of last week set. We like to see the June S&P's take a shoot at the previous high of the 1380 area, but that appears not to be in the cards. The same pattern that we have been talking about for the last couple weeks, which is the "Three Drives to a Top" is still in the making and some times the third top (which is in the process of being completed) is a double top. Therefore nothing has changed about the bearish larger pattern which has a down side price target to the 1230 area on the June S&P's. For now we will wait for the second bearish high up-tick reading and the bearish candlestick pattern to coincide with it or appears the next day after. The second bearish up-tick readings should appear between 1360 to 1380 on the June S&P's.