Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Zeev Hed who wrote (68989)	5/18/2002 7:48:13 PM
From: velociraptor_	Read Replies (1) of 99280

Zeev...it's not just the large gaps below, but there is a whole consortium of evidence that says no bull yet... The advance/decline line is falling again. The McOscilator has turned back down. The spread between new highs and new lows is shrinking and the number of new highs is falling as the indexes rise. TRIN-5 is at level where it was in mid-March where the market topped on mar 19th. The VIX closed at low levels and printed an intraday value of 20 which is bearish for the markets. A number of key stocks in the DOW are not doing very well and still near the lows or just off them from the March high. Namely GE, MSFT, and IBM. Other stocks like MMM, GM, and PG are at critical topping patterns. The up/down volume peaked on March 19th at the last high and has been falling ever since even on the current rally off the lows. Stochastics are back to overbought on the daily. Bearish rising wedge pattern in the indexes. Lack of any clean 5 wave impulses off the lows. A bunch of bearish gartley patterns just completed, with the most notable being in MSFT, IBM, QQQ, and MDY (mid caps).

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