MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: Copeland who wrote (2515)	4/18/2000 11:16:00 AM
From: J.T.	of 19219

Copeland - almanac says market has been up last 5 years in a row day before good friday, but this is not your normal market right now so I will take it with grain of salt. Watch this XAU. Major short term MA's have converged between this XAU 56.10 to 56.60 level into a tight coil and it will spring hard either way. One close above XAU 58.05 and I would go long for a play with tight stop at 55.80. However, the problem with XAU is the whipsaw- it is up 5 to 10% minimum before the signal is given after the wash-out of lows. You can see this type of action end of August 98 on the melt-down. However this time XAU support now is much more solid. Do we need that one more v-spike bottom that tests aug 98 XAU 48.67 intraday lows remains the open question... Best Regards, J.T.

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