To: Haim R. Branisteanu who wrote (30622)
From: donald sew
Thursday, Sep 21, 2000 8:58 PM ET
Respond to Post # 30644 of 30650
SEPT 21 INDEX UPDATE
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DOW - lower midrange
SPX - lower midrange
OEX - lower midrange
NAZ - upper midrange
NDX - upper midrange
VIX - 23.56, upper midrange(inverse to market)
PUT:CALL RATIO - .61
Prior to the INTC announcement, my short-term technicals indicated that if the market continues up there is still
significant upside potential, so the rally that started in the DOW yesterday still had more upside.
Well, the INTC announcement came out and it is quite possible that the overall market could reverse back down.
Already noticing comments of buying this dip. There will be a rally, but the questions are how low could it go and
how strong could the rebound be.
Since my short-term technicals for the NAZ/NDX are in the upper midrange, which means there is significant
downside potential room, and it would take at least 2-3 days before I would get a CLASS 1 BUY signal. In light
of such I feel if the market was to go down, the soonest we could see a short-term bottom is MONDAY, and that
would be the earliest. So I will not be looking to go long on a short-term trade until next week.
Lets keep in mind that the SPX has already broken the MAIN TRENDLINE from the OCT 1998 LOWs to the
downside. With the INTC announcement, it just doesnt look great. |
