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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (8540)9/21/2001 1:37:08 PM
From: J.T.  Read Replies (5) of 19219
 
CAPITULATION ANYONE?

This morning the DOW registered historical numbers below quintuple oversold levels at the intraday lows possibly the lowest ever recorded.

To give you an idea how low this level is -

1) the day of the crash, October 19, 1987 the 5 day RSI closed at 2.95.

2) the day of the '29 crash, 10/29/29, the 5 day RSI registered 5.67.

3) this morning the DOW blew these numbers out of the water registering an intraday low of 2.31 on a 5 day RSI. Below 2.5 is quintuple oversold.

This was confirmed by other indices as well at or near their lows on the 5 day RSI:


DOW:  2.31 
SPX:  3.29
COMP: 3.12
BKX:  2.53
SOX:  3.35
NDX:  4.47

If this isn't capitulation, I don't know what is.

Best Regards, J.T.
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