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 (189)	6/24/1999 12:13:00 PM
From: J.T.	Read Replies (2) of 19219

LOW WATER MARK SUPPORTS THAT NEED TO HOLD FROM MITA 189 POSTED 6/23: *PLEASE NOTE*Several Points: 1) In "The Majors Group": I am keeping extremely close watch on supports DOW 10,530; SPX 1,302; OEX 660; TRAN 3,350; UTS 324; VIX 25.5. I will not tolerate any margin for error at this stage in the market. If we get running close prior to bell where the majority of these supports are seemingly about to get taken out, I will not wait for that coveted second close below these levels. Reason is because confluence of tight supports taken out for me is overwhelming evidence in a change in market sentiment. We are at dangerous levels that need to hold from May 13 highs. We have now marked Trading DAY # 28 from May 13 highs and if we break supports it will be right in here next few trading days as it took exactly 38 Trading Days for that fateful '87 collapse. Just need to keep eyes wide open for any potentiality. 2)I did not take favor that BKX opened gap down 17 points and that was the high for the day. Low from that was roughly another 17 points before minor recovery. Long bond yields backing up to 6.13% weighs a heavy burden on BKX. 3)Let's keep close watch on RLX (Retail) as this is early warning signal of economic pulse that consumer spending spree is peaking; this topping process and rolling over of RLX index (if now is commencement)is 3 to 6 month lead indicator and that consumers are tightening up pocketbooks on spending habits which will ultimately filter down to wall-street. 4)Internet Indices showing some vigor but IIX need to take out 312 and DOT 598 on two consecutive closes. Both indices are within striking distance and we need conservative approach here hence the two day close and not one day false break. If the market is to get new legs, NUTS must move up now. 5)Pathetic XAU trying to wake out of the slumber from the grave and this mummy groaned a breath of life up 3.2%. Two close above 64 will lead to this little rally which may fizzle or dazzle depending on broad market. If market is in dire cahoots, XAU should turn up here for rally. Otherwise, put the mummy back where it belongs in the tomb of the dead. Best, J.T.

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