10/28/98 Merrill Lynch (MER) Points to watch: Brokerage stocks have been weakening since hitting rebound highs on 10/20. MER closed below 200 minute average and just below key Gann angle support on Tuesday. OBV is falling. MACD signal line has fallen below 0 and is in a downtrend. Strong support exists at 43. Watch MER and other brokerage stocks in the coming days for clues to the health of the current stock market rally. Brokerage stocks must surpass 10/20 highs for rally to continue. |
