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The pivot for the SP500 spring reversal is Oct99, the NYSE is Oct00, and
DJIA failed to close below the Oct00 pivot low so did not qualify.
----- Original Message -----
From: "EAdamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, May 13, 2001 1:05 PM
Subject: [RT] Equity indexes
> While my inclination is to the bearish side due to the lack of a w.5
bottom
> in the NASDAQ and the almost parabolic rally in the NYSE and DJIA, I am
> overall quite cautious. The reversal in the DJIA, SP500, and NYSE has been
> strong enough to complete a monthly spring reversal where the monthly bar
> which closed below the Oct00 low has been completely reversed and exceeded
> in a single bar - this is a powerful move. Toss in a healthy looking move
in
> the small and mid cap indexes and I see a rally which carries some
> credibility. What I am seeing is negative breadth divergences in the NYSE,
> however this is to be expected given the size of the move up. The NASDAQ
> appears to me to be a bit weaker and rolling over and this weakness is
> confirmed by myn NASDAQ breadth models.
>
> In trading the S&P futures, I have (so far) noticed a reluctance to
decline
> smoothly. What we may be seeing here is a second (and weaker) replay of
last
> fall's action where the NYSE wanted to go up as the NASDAQ wanted to head
> down. In the second act, however we have a NASDAQ which has lost a fair
> portion of its downward momentum. Further, there seems to be some
> irregularity in the S&P and NASDAQ time cycles. All in all, I'm thinking
we
> are in for a choppy decline in light summer volume.
>
> Earl
>
>
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