March 1, 2000
First, my apologies for a typographical error in Tuesday's
column. Both the 200-day moving average, and the January low of the
are approximately 1360, not 1460 as it appeared. My thanks to all who wrote to point out this error.
With the S&P now sitting right around this 1360 level, I do expect it to provide some level of resistance, but as I said Tuesday, it is only the first layer. The next level is up around 1400.
As for the markets, the oversold conditions in both the
have not yet reversed. Oh, that doesn't mean we have to rally every day, but it does mean that the markets should continue to push higher until we get overbought, and that is at least another seven to 10 trading days.
Over on the NYSE, the rally was not very evident in most stocks, as I had to squint to notice the minor moves. For this reason, as well as the lack of bearishness (discussed in Monday's
column) and a sense of ho-hum we've seen in the last few weeks, I continue to expect that this oversold rally is not yet sustainable over the long-term.
Helene Meisler, based in Singapore, writes a technical analysis column on the U.S. equity markets on Tuesdays and Fridays, and updates her charts daily on TheStreet.com. Meisler trained at several Wall Street firms, including Goldman Sachs and Cowen, and has worked with the equity trading department at Cargill. At time of publication, she held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. She appreciates your feedback at