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The Daily Chartist: Still Overbought

Thursday's slip looked a lot like last week's action, Helene Meisler says.

Aug. 27, 1999

Thursday's downside move showed more of the same sort of action we saw last week. The volume slowed (it was quite apparent in many individual stock charts, especially those which had shown increased volume on Wednesday), and the stocks making new lows contracted.

With the market still in an overbought condition, it's likely we will continue to work that off on the downside. I remain hopeful that the improving statistics will continue along that road.

New Highs and New Lows

Overbought/Oversold Oscillator

Cumulative Advance/Decline Line

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 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