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Oversold IWM

 
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PostPosted: Sun Jul 29, 2007 8:44 am    Post subject: Oversold IWM Reply with quote

The three charts below reflect that the stock market is short-term oversold and may rise next week into the new month. However, after the first week in August, the stock market may fall lower before rising again. IWM (small cap ETF) is more oversold than other major ETFs. For example, DIA SPY and QQQQ remain above their 200-day MAs, while IWM is well below its 200-day MA. Consequently, IWM may bounce two or more points early next week and may be a better buy on pullbacks over the next week or two. However, a test of the March low at 75.15 may take place, which is slightly more than a 50% retracement from the July 2006 low (i.e. 65.86) and the July 2007 high (i.e. 85.20).





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