From: Drbob512 Thursday, May 31, 2001 12:04 PM
***** TA Update (intra-day) *****
The markets enjoyed a technical bounce this morning as expected due to the near term oversold condition after yesterday's selloff.
The Nasdaq TRIN is a positive .43, on a/d of 5/3, up/down volume of 3/1, on overall volume that is light so far, at 740M shares, which projects out to around 1.8-1.9B shares.
The a/d needs to hold above 4/3 in order to maintain it's firmness, but it is not meeting the criteria to signal a very strong day at this time. And the market internals have a good chance of faltering later today, as the odds favor a continuation of the technical Sell signals of Tuesday and of the Wednesday opening.
The Dow is in much the same boat as the Nasdaq, in that it too is having a technical bounce on moderately good market internals on the NYSE.
The Dow 11,000 and Nasdaq 2170 levels may now provide some resistance wherein they used to provide some support, as we work our way down in the upcoming weeks. Rallies may be selling opportunities rather than buying ones.
The Summer decline appears to have arrived as scheduled in late May/June. Incremental selling on rallies that has been discussed in Stocktimers meetings on AOL and in the TA classes recently, in anticipation of the Summer downturn may prove out to be valid.
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