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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: 10K a day who wrote (62283)	11/12/2000 3:02:07 PM
From: Crimson Ghost	Read Replies (3) \| Respond to of 99985

When the oscillator gets heavily overbought as it recently, the market almost never mounts a sustainable rally until it gets heavily oversold. Similarly when the oscillator gets heavily oversold the market tends to rally until it moves into heavily overbought territory again. This indicator is strictly about short-term timing. Says nothing about the major trend. The NAZ Oscillator is now modestly oversold -- although considerably less so than at the recent bottom. The NYSE oscillator has retreated from heavily overbought to neutral. Still far from being oversold. That is why I expect a lot more downsaide on the NYSE (minor bounces notwithstanding) until we can put together a sustainable rally.