"The Sunny Side of the Street"
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NOTE: As a Platinum Zone member, you may call Sunny at (760) 930-1050 if you have any questions about terms used herein. CommentaryWEDNESDAY NIGHT 9/25/02: At last, an upward move. And of some significance-- 158 points. Nevertheless, it gave us a bar that is just barely an outside bar on the daily chart of the Dow. I would like to believe that this is the turnaround we've been waiting for, but the charts just don't say that quite yet. Overhead resistance will be encountered as the Dow hits the 8000 mark, both because it is an even number, and because we had a low at 8030 on 8/5/2002. I think we can pretty much expect to see the Dow hit that mark this week.
On the intraday QQQ charts we got a buy signal at 8:30aPT today, which is
still holding long overnight. The sell signal preceding it took $2,300+
profit in the model and lasted from 9/19 until today. Since 21.80 is a
fairly strong attractor that we've had in place since the beginning of the
month, I would expect a little bit of a pullback to that price point on
Thursday, before moving on up toward 22.44.
RSI is now above 65, into the bullish range, on the 15-minute charts,
confirming the divergence we were watching yesterday. We haven't had
much follow through on up days for a long time, so don't just rush in,
expecting this to be the beginning of the next bull market. We are
showing some nice signs of turning and rolling over and upward, but it is too
soon to tell much.
Stay nimble.
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