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A look at the old-fashioned moving average with Bollinger Bands on the
daily OEX shows the bands narrowing. This tends to preceed a strong move.
As to direction, the previous trend always continues except when it doesn't
(suggests moving up). Prices have spent some time below the 20-day average
lately, and the 20-day has fallen below the 50-day (suggests moving down).
So, I haven't got a clue.
If you cycle/planetary folks have some important dates coming up in the
next week or two, perhaps both looks are giving the same message and it's
worth paying close attention.
Cheers,
Ed
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