MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (6017)	1/11/2001 7:47:59 AM
From: macavity	Read Replies (1) of 19219

BTK I make Resistance=565, so give or take the accuracy of resistance levels at this moment then yes, there is not a great deal of upside at the moment, but I would expect it to overshoot my level. More importantly I get XTC 5 Day RSI= 75.9. If the market rises today its as good a reason as any to get out of any longs. (SOX RSI = 63). NDX at 2500 would be my target to go flat tech. I think we can back and fill for weeks to come. Decent bottoms usually take 2 - 3 months. As there is still a lot of negativity, I would be surprised if NDX shot way above 2500 at this moment. Leaders - SOX; XTC; XCI Losers - BTK; the Internets I am watching the defensives (DRG and UTILS) as my counter tech take. DRG is around 200D MA and is o/sold; UTILs o/sold as well - if these crack it would be good for tech but I doubt they will. These 10% intra-day ranges in tech are killing me at the moment - not my style. - macavity

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