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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Zeev Hed who wrote (6754)11/19/2001 5:40:01 PM
From: ajtj99  Read Replies (2) of 99280
 
RSI on the COMPX daily now at 73, a level not seen since Dec '99.

stockcharts.com[h,a]daclyymy[df][pb50!b200][vc60][iUb14!La12,26,9!Lh14,3]

All the times we got over that level we corrected usually within a week, and often sharply.

The only exception was Nov.-Dec. 1999. That small correction came in January, and we know what happened in March.

The 15-minute chart seems to indicate we won't gap up tomorrow. The 60-minute seems to have some upside potential yet.

I agree with Haim in that the indices are being pushed to give the Dow time to get over 10,000 before Thanksgiving.
What may happen is the Nasdaq says we're done, and the Dow and SPX go a bit more to hit their levels.

It will be hard for the Nasdaq to ramp up much more without the big cap leaders and the SOXX. Lots of junk is running right now, however, and that may be pushing the Nasdaq.
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