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Strategies & Market Trends : Complacency Indexes
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To: Sherman Chen who wrote (1405)5/30/2002 6:03:07 PM
From: TechTrader42  Read Replies (2) of 1487
 
So far, the CI's haven't reversed direction to the upside.
They're still lower than they were yesterday -- about 10 points lower with the Naz and 1 point lower with the S&P. So the direction continues down.

But people seem to be looking for an end-of-week rally. Anything's possible. The Dow hit support earlier (9807), and the SPX came close. But the thing is that the Dow penetrated support, so that makes it questionable. The Naz isn't all that close to its support at 1560.

Since the CI's are in the midrange for the SPX, support might be in trouble, after an effort at a bounce. Can it hold at 1048.96? Why'd the Dow penetrate support, and what will it mean?
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