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SPX & NYSE Oscillator

 
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PostPosted: Sat May 27, 2006 8:18 am    Post subject: SPX & NYSE Oscillator Reply with quote

The NYSE Oscillator (NYMO) MAs suggest SPX will likely consolidate over the next few weeks and perhaps retest the low at 1,246. The first chart below shows the NYMO 10 20 and 50 day MAs. Given previous patterns, when the 50-day MA falls below negative 20 and the 20-day MA falls below negative 30, then a SPX bottom will be in place.

The second chart shows SPX closed Friday roughly in the middle between the 50-day MA, currently 1,298, and the 200-day MA, currently 1,259, which is a potential trading range over the next two weeks. A more narrow range shows resistance around 1,290 and support around 1,265.

The NYMO downtrend, which began in January, has reached levels (in data and time) where it may be completed in June. However, at this point, it's uncertain if an SPX consolidation (e.g. between 1,250 and 1,290 over several weeks) will be enough to complete the downtrend or if a final pullback below 1,246 will be required.



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