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

To: J.T. who wrote (8540)	9/19/2001 8:44:44 PM
From: yard_man	Respond to of 19219

yes, I think any run to that level is a good short from here. I'm just looking at longer term charts -- I don't care about RSI or oversold readings one bit -- I think they are virtually useless where we are at right now.

To: J.T. who wrote (8540)	9/21/2001 1:37:08 PM
From: J.T.	Read Replies (5) \| Respond to of 19219

CAPITULATION ANYONE? This morning the DOW registered historical numbers below quintuple oversold levels at the intraday lows possibly the lowest ever recorded. To give you an idea how low this level is - 1) the day of the crash, October 19, 1987 the 5 day RSI closed at 2.95. 2) the day of the '29 crash, 10/29/29, the 5 day RSI registered 5.67. 3) this morning the DOW blew these numbers out of the water registering an intraday low of 2.31 on a 5 day RSI. Below 2.5 is quintuple oversold. This was confirmed by other indices as well at or near their lows on the 5 day RSI: DOW: 2.31 SPX: 3.29 COMP: 3.12 BKX: 2.53 SOX: 3.35 NDX: 4.47 If this isn't capitulation, I don't know what is. Best Regards, J.T.