Technical Watch Cumulative Charts

Cumulative Data
Week Ending 1/28/05

The bottom line for this week is that the market internals have now relieved their extremely "overbought" intermediate term conditions (as reflected by the McClellan Summation Index) that were generated during the 3rd and 4th quarters of 2004, and are now in a good position to break above their short term lines of negative influence as represented by the volume and breadth McClellan Oscillator charts shown below. However, one should continue to expect additional backing and filling over the next couple of weeks before we'll see a more secure price bottom in place to where money can actually be put to work - but where due diligence can now begin in anticipation of such of an event.

The above charts are courtesy of StockCharts.com

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and not intended for trading purposes.

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