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SPX: Near Intermediate-Term Oversold (incomplete)

 
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PostPosted: Wed Nov 21, 2007 5:52 pm    Post subject: SPX: Near Intermediate-Term Oversold (incomplete) Reply with quote

The three-year chart below shows the NYMO 20-day MA (blue line and right scale) and the daily SPX (black line and left scale). Currently, the NYMO 20-day MA is low enough, i.e. about negative 41, for an intermediate-term SPX buy signal. Also, the daily NYMO above price chart is over negative 75, which is low enough for an SPX short-term buy signal. Morover, the daily NYSI below price chart is near or at an intermediate-term oversold level at roughly negative 635.

The Dow Industrials closed the day before Thanksgiving at 12,799, which triggered a Dow Theory sell signal and indicates the end of the bull market. However, insider buying is market bullish, while sentiment indicators also remain market bullish, including the CBOE Put/Call 200-day MA at 1.03 (see Mixed Signals at PeakTrader.com Forum Index Article category for more information). Consequently, it seems likely the Dow Theory sell signal is a false signal.

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