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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: bobby beara who wrote (4139)8/16/2000 2:21:56 PM
From: J.T.  Read Replies (2) of 19219
 
bobby, XAU is above extreme overbought on a 5 day RSI - now at 81.18. So it is near a short term top. I waited forever for the index to turn last go round and lost 1 1/2% and got out.

Haven't been following it that close of late.

As for the broad market, HWP reports after the bell today and is the "X" factor for the market whether we go lower tomorrow or whether we start heading back up. Any way you cut it, we are near a short term bottom over the next day or so before we get that smart bounce.

Best Regards, J.T.
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