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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.31

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Nov 12 4:00 PM EST

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To: el paradisio who wrote (46763)	4/16/2000 9:22:00 PM
From: John Pitera	Read Replies (2) of 99985

I think we are in agreement on some of the lower support levels. The 5-Day RSI on the Dow on April 14 closed at 15.11. The RSI reaches oversold territory and suggests you are near some sort of low when it falls below 30. That 5-Day RSI reaches extreme oversold territory when it falls below 20, so we are in extreme oversold territory now. The 5-Day RSI on the Nasdaq on April 14 closed at 11.21, the most oversold reading since 10/8/98, the exact day of the mini-crash closing low in the Nasdaq. On that day the 5-Day RSI closed at 8. The RSI cannot fall below zero so we are starting to run out of room -g- John

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