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Strategies & Market Trends : Tech Stock Options
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To: Dell-icious who wrote (57761)11/18/1998 6:16:00 PM
From: donald sew  Read Replies (3) of 58727
 
INDEX UPDATE
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Per my short-term technicals the DOW,SPX,OEX,NAZ just entered the overbought region again with readings of around 80. Please keep in mind that 80 is just the beginning of overbought and 100 is the max, and while in the overbought region the market can still move up substantially and it is common that the days landing in the overbought region can be strong up days. Im not saying that it will happen or not now, just making a point.

The market internals did not improve much and the NEW HIGHs is still below 100. As indicated before, if the NEW HIGHs stay below 100 and the NEW LOWs between 10-50 for one month, there is a high probability that the market will pullback 5% within a month. The question now is where is the short-term top before this pullback starts.

With my technical in the 80 range there is maximum 1-2 more up days before the market becomes a CLASS SELL, if the market continues to moves up. 9100 is a very strong resistance line and the the next resistance at 9200.

After this pullback which could start very soon should be a good buying opportunity which for the last 3 years ended in a strong 1st quarter rally into early spring. I am not saying we will or will not get that strong rally.

Seeya
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