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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: set who wrote (569)	8/10/1999 9:27:00 PM
From: bobby beara	Read Replies (1) \| Respond to of 19219

Shahar, been looking over the charts, this move down had a tremendous amount of momentum going for it, the SPX made a new low in rsi, so no bullish divergence, if you subscribe to the theory that momentum precedes price, if a rally does develop from this oversold area or just some consolidation, we should at least see a retest or a new low. The McCllelan Oscillator never makes V spikes up from oversold territory like this, there is usually a false rally, a retest(s) with a higher highs then a buy spike. decisionpoint.com This chart shows there was more worry around the bottom on 5/26 than now. Just mindless conjecture, but I also think a lot of people expected a rally to 12,000 during earning season and were going to sell into the rally to be out for y2k, this abrupt reversal on good news fooled (trapped) a bunch of prospective sellers, who may have been looking for a rally to exit, and may be still waiting -ggg- bb