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Volatile Correction

 
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PostPosted: Sun Mar 04, 2007 5:30 am    Post subject: Volatile Correction Reply with quote

The first chart suggests SPX may trade around 1,400 (and below the 50-day MA) short-term, since RSI is below 30, which is severely oversold. The second chart suggests a volatile correction that may not be completed for at least a month. Normally, when the NYMO 50-day MA (blue line) falls below negative 20, pullbacks are complete. However, the NYSI (below price chart) remains at a high level. Currently, the daily NYMO is negative 67, which is also severely oversold. Major support levels are 1,345 (200-day MA) and 1,340 (50% retracement from Jul low at 1,219 and Feb high at 1,461). Moreover, about a year ago, SPX was in the second longest period in history without at least a 9% correction. A 9% fall from the Feb high is 1,330.



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