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To: MythMan who wrote (55647)8/9/1999 4:31:00 PM
From: Jorj X Mckie  Respond to of 86076
 
By P&F standards the market is not oversold at all (this is not necessarily a short term indicator though). Still plenty of downside

SPX reversed back down today on the P&F chart and set another lower high. Support at 1290 so we could get a little bounce, but the downtrend is still very much intact. If we get to 1270 on the SPX, I would be looking for a move to 1220.



To: MythMan who wrote (55647)8/9/1999 4:35:00 PM
From: pater tenebrarum  Read Replies (2) | Respond to of 86076
 
the oversold indicators are the McClellan oscillator, the a/d line, put/call ratios, CVI, and in fact most breadth indicators. generally speaking, when breadth continues to deteriorate, but prices don't follow it, the divergence is bullish, not bearish. that said, the long duration of the a/d divergence suggests a more forceful correction in the not-too-distant future...


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