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I concur, and I have attached a chart of the cash S&P with adv-decl
displayed as a spread in the sub-graph. This is showing the same divergence
that John points out is showing in the RSI as well as other momentum
oscillators. This can continue for some time, but it will be resolved
either by the first meaningful correction since the October lows (the
greatest of which to date is 2.57%) or another big up day where the breadth
at least approaches that of 10/15. John also pointed out Tulip.com (aka the
internet stocks) seem to be wanting to pullback so maybe we'll soon see
which scenario plays out
It does appear the bull lives on. This rise has been relentless with only a
very short timeframe in which to get long which at the time would have
taken nerves of steel. Congrats to those who did.
Any pullback will probably be very quick and sharp triggered by something
out of the blue. I doubt it will be easy to play.
Regards,
Tom Alexander
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> From: G.John Boggio <boggio@xxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: MKT: S&P Looking Tired
> Date: Thursday, November 19, 1998 5:04 PM
>
> Realtraders,
>
> I just thought I would post some thoughts regarding the S&P. Attached
is
> a 60 min chart of the Dec S&P Futures (SPZ8). After a phenomenal run
from
> the October 8th lows, this market appears to be getting tired...most of
you
> are probably saying, "that's obvious", but at least here is a chart to
help
> confirm 'the obvious'.
> Simply, take a look at the RSI oscillator that has been showing the
> presence of a divergent pattern for the last 2 weeks.
> Thoughtfully,
> John Boggio
> PS. Just to clarify, I am not trying to call a top today, but I am
> suggesting that a pullback may begin in the next few trading days.
Attachment Converted: "c:\eudora\attach\R_sp4.GIF"
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