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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (123)6/18/1999 12:06:00 AM
From: J.T.   of 19219
 
THE MARKET NEEDS TO STAY ABOVE THESE NUMBERS ESTABLISHED AFTER HOUR 1 OF TRADING DAY CPI #'S CAME OUT June 16:

<Now we look at 1 hour opening numbers which we will revisit at end of day> (MITA 123):

<'DOW 10,725 '+ 130
<.SPX ''1,321.5 + 20.5
<.OEX ''672.5 ''+ 12
<.RUT'' 439.5 ''+ 5.5
<COMP2,481'' + 66
<.NDX 2,125'' + 67

,This is our base and one good tell-tale sign if this bull has new legs and is going to rock to new highs.>

These numbers can be violated one day, but two consecutive closes below any of these levels by any specific indices indicates weakness and it is imperative if one indices breaks these established supports that the cancer does not spread to other indices.

One thing is to register market gains; it is entirely another to consolidate those gains as basing action and old resistance becomes new support.

Best, J.T.
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