Helene Meisler writes a daily technical analysis column and TheStreet Top Stocks. For more information, click here. Meisler spent more than a decade on the sell side as a market technician covering institutional accounts at various investment banks in New York City, including Cowen & Co. and Goldman Sachs. In addition she worked at Cargill in Minneapolis where she managed equity money for three years. She received her bachelor's degree in business from Pace University.
While folks haven't exactly jumped the fence, many who were on the bear side have started to make the slow climb over, even if they're sitting on the middle for a bit.
It's not giddy yet, but we are certainly converting more and more former bears by the day.
Watch the Russell 2000: It closed at 1550, which is where the 200-day moving average line resides -- if it can get up and over this level, it can improve, but if it slips, those moving average lines become problematic.
Tuesday looked like a short covering rally, and we're still overbought, so giving back gains Wednesday would be no surprise.
Try if you will to mute out the news, but the indicators are heading into the Fed-meeting in no man's land.
The narrative in the market is that we are waiting for the Fed decision on Wednesday -- but of course it's not that clear cut is it?
Short-term chop or pullback appear likely, but there's an indicator worth fretting over: The 50- and 200-day moving average lines of the Russell 2000 are rolling over.
If you want to fret over a long-term moving average line, then fret over the Russell 2000’s: The 50-day and the 200-day moving average lines are both heading down.
The expected overbought reading will likely be either a pullback or sideways digestion, but not a collapse.
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