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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: sun-tzu who wrote (138365)	12/12/2001 7:37:00 PM
From: sun-tzu	Read Replies (3) of 436258

swenlin 12/12 We have almost unanimous sell signals on our primary IT indicators. On the charts of the major market indexes we have the issues of the 200EMA resistance and the rising wedge formations slowly resolving in favor of the bears, but the edge is slight because prices are moving more sideways than they are down. The internal overbought condition is being worked off slowly without substantial downside price movement yet, and today's recovery at the close implies another short bounce is coming next. This would set up the final shoulder of a head and shoulders pattern for the Dow, NYSE and S&P 500 -- the left shoulder is the November top, and the head is the December high. Forming the right shoulder should keep the suspense going another week or two. The Nasdaq remains stronger, and it is in a rising trend channel. The big issue is the gap created by last week's rally the still needs more downside movement to fill. Of course, it is also the most oversold and most need of correction. The PMO is topping. --Carl Swenlin

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