Good Morning, Ron...
...tell you the truth, I'm not sure what to make of it (MDY) or, how to play it, Ron.
MID.X has a nice, apparent UpTrend Line defined by CLOSE 03-NOV-98 to CLOSE 14-DEC-98, CLOSE 23-MAR; and 375 +/-5 looks like an entry; not much bang for the buck there, though.
otoh, MDY is much more "emotional"... with horizontal levels at ~80, ~74, ~70 and ~66.5 The resistance at MDY 74 +/-1 may be formidable; MDY tends to crab along sideways.
But the MDY weekly chart's low sto and the fact that the index, at ~71 - is 10% down and below its 200d EMA - would encourage some MidCap investors to buy at this dip... perhaps this is all we are seeing -?
I thought that MDY was the MID.X - S&P400 index but, when I went to look up the components it turns out that the MDY is now called the S&P MidCap 200 Index which shows you how long it's been since I worked with it (^_^)
-Steve |
