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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 672.07

-1.7%

Nov 13 4:00 PM EST

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To: Matthew L. Jones who wrote (26504)	9/21/1999 12:55:00 PM
From: bobby beara	Read Replies (2) of 99985

6) RSI is at 36 (42 on the S&P 500) which is not even close to the overbought area. Real reversals rarely if ever happen from RSI lower than 70. In fact, RSI is bullish. 7) Stochastics are not indicating overbought (32 and 45 for Dow and S&P). Actually bullish to neutral. Matthew big kahuna's start from failed oversold readings, i can add to your list, a beautiful bottoming formation on the mcClellan oscillator, a very nice 3 candle reversal off the 200 dma. On the other hand, tech has been holding up the market by itself and like prior to the July top we are seeing chinks in the armor in the tech area. I think when we see a tech flush, we will put in a bottom, we have a parabola down in transports and a parabola up in techs, this situation will resolve. If you look at the aapl 60 minute chart you can see one of those 3 little indian tops and interestingly Softie halted right at the gap resistance off the july top. It took several tests of the 200dma last August before we broke thru, we could be doing the same kind of testing here. bb

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