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Ooops, missed the caption on that one. Ambiguous as well.
Kent
----- Original Message -----
From: "unclebux" <gary@xxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Saturday, July 06, 2002 11:20 PM
Subject: Re: [RT] A (weak) case for a bounce in NDX/QQQ
--- In realtraders@xxxx, "Kent Rollins" <kentr@xxxx> wrote:
> Gary
>
> Do you have New Highs/New Lows? That can sometimes resolve
ambiguities.
>
Hi Kent. The third chart did plot NH/NL, as a 20 dma of NH/(NH+NL).
Basically, an oscilator that gives New Highs as a percentage of (New
Highs + New Lows). I felt the indicators were giving an ambiguous
reading, because they hadn't gone levels low enough to be typical of
major intermediate bottoms. The other thing taht argues against
Friday's rally holding is the major opening gap. Generally, gaps get
filled. Of couse, if the market pulls back, the gap is filled, and
then stabilizes that would support the bullish case.
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