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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject6/22/2001 2:36:54 PM
From: besttrader   of 37746
 
14:00 ET Dow -94, Nasdaq -11, S&P -10.55: [BRIEFING.COM] The Dow has been hovering just below its 200-day moving average in afternoon trading. The level to watch is 10,621 on a closing basis. This is among the broader technical levels which means it's not likely to be broken without substantial sell pressure. In light of the Dow's current intraday configuration (i.e. half the day's losses being driven by two components) it's difficult to see the 200-day moving average failing on a close. Nonetheless, as the past year has proven anything is certainly possible. Nasdaq market internals are also worth a mention here. Advancing volume has outpaced declining volume by a 5 to 4 margin or better throughout the session. This is despite negative market breadth with declining issues leading advancing issues by roughly 4 to 3. The activity suggests the market is somewhat stronger than it appears at a glance. It also indicates large caps are being favored over smaller cap issues. Price activity on the S&P MidCap 400 (-1.6%) and the Russell 2000 (-1.5%) are supportive of this dynamic. DJTA -1.0%... DJUA +0.6%... SOX +1.0%... XOI -0.1%... BTK -3.0%... Nasdaq 100 -0.6%... S&P Midcap 400 -1.6%... Russell 2000 -1.5%... NYSE Adv/Dec 1187/1765... Nasdaq Adv/Dec 1542/1925.
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