actio-et-reactio
Balance is but a brief transition between extremes.
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Thursday, April 18, 2002
on the back burner... $SML - Small Cap Index
Added a number of S&P Small Cap Index ($SML) charts to the mix. This index trades as IJR, with its Value components trading as IJS and the Growth components as IJT. I featured these in a study last December, when topping action was indicating a correction. They did pull back 7.11% in January and February and got a second wind Feb 22, since when they have gained 36.4%.
The daily chart shows price approaching the heavy blue Upper Median Line. That Andrews derives from the 1/95 inception point of 92.44, which you can see on the weekly chart). Also on the Daily chart is a light grey Andrews using recent hi/lo pivots, which is much more aggressively bullish. Finally, I indicate the 1.38 and 1.5 Fibonacci extensions of the Sept/Jan rally, at 261.86 and 268.99 respectively.
Just recording observations at this point as it is a bit too early to tell if 258.23 is a High or a
high on the way to more highs.
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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