|
PureBytes Links
Trading Reference Links
|
I don't see anything terribly negative in either the daily or weekly Nyse
and Nasdaq breadth. The McClellan Oscillator has been very strong through
this rally and continues to hold at very high levels even though it has
softened a tad. Note that the Oscillator tends to trace out 3 impulse waves
with the first rally from deeply oversold levels occuring either below/above
the 0 line, the second wave rising strongly above the 0 line before falling
below, and the 3rd wave rising above the 0 line but not as strongly as the
2nd. I also note that the Summation Index has been moving very strongly to
the upside suggesting that this move is for real. Finally, OBV on the Nyse,
SPY (a surrogate for the SP500 index), and March futures are all confirming
this move. I consider it quite likely that the 22 point outside day we had a
couple of days ago completed the rally (high) and the retracement (low) and
that we're likely to continue moving up to 1050-1060 area basis March
futures.
Earl
-----Original Message-----
From: Harley Meyer <meyer@xxxxxxxxxxx>
To: Bruce Russell <russell@xxxxxxxxxxxx>
Cc: Slimtravel <Slimtravel@xxxxxxx>; Randy Burkhardt @ Home
<randy@xxxxxxxxxxxxxxxx>
Date: Tuesday, February 17, 1998 10:05 PM
Subject: NYSE
>Bruce,
>I am looking at the NYSE market breadth and the New highs minus new lows
>has run into some resistance. Like wise the total volume on the NYSE is
>still trending lower. Lastly the momentum of the up/down volume ratios
>has been slowing as measured by it's 10 day MA and 50 day MA.
>I can see a correction in the DJIA soon.
>Not that it is impossible but the weekly JF = 8542 for the DJIA. Which
>means that if the DJIA is going to keep the same pace it must go above
>8542 by Friday. With the weakness in market breadth I can't see it.
>
>I looked at the NASDAQ and the same market breadth doesn't give as clear
>a sign for the NASDAQ Composite Index. Although we see it is already
>headed to the bottom of the up trend channel.
>
>Harley
>
>
>
>
|