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Strategies & Market Trends : Ask DrBob

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From: Drbob512	11/20/2008 11:32:04 AM
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* TA Update (intra-day) * The markets had turned negative in terms of ST moving averages crossing down in the past couple of weeks, and has been losing breadth momentum as measured by the McOsi/Summation, and broke that support at 839, and today it finally tested the 2002 low of Spx 768, having broken the recent low of 818 yesterday. After testing the 760's today, the market has rallied back up but the question is whether this is just a bounce or a successful retest. The market internals are still negative and so there is a chance the market will weaken later today unless those internals improve very significantly. There was no classic capitulation this morning during the retest but that does not preclude the possibility of that test being successful, however, I remain skeptical of that. There is a chance we could get a selling climax within the next few days, but much heavier volume is needed as well as a large percentage move downward intra-day with a bullish reversal before the close. Otherwise, a tradeable bottom will only be known after the fact. drbob

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