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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (194)6/24/1999 10:38:00 PM
From: J.T.  Read Replies (2) of 19219
 
DETECTIVE COLUMBO'S ADDENDUM: CHART ACTION EVIDENCE

Let's start right where I left off, ten minutes before the close of the bell today with this comment:

Ten minutes to go and supports are breaking big going into the bell. Tomorrow is setting up real bad.

What did I mean by this sensational statement?

With the market rebounding well off the afternoon lows and rallying smartly into the last hour of trading, all seemed well on the stock exchange front. Then something happened. The smart money started selling hard going into the bell. And it caught most people off guard. The equity boys decided to pull the plug in the last 15 minutes of trading across the board.

Look at all of these charts and especially the last fiifteen minutes and you know we are setting up for big time trouble tomorrow and into next week:
DOW:

bigcharts.com

COMP:

bigcharts.com

NDX:

bigcharts.com

TRAN:

bigcharts.com

UTIL:

bigcharts.com

DOT:

bigcharts.com

IIX:

bigcharts.com

SOX:

bigcharts.com

The correction is about to take center stage, and if it doesn't start tomorrow and come full force, it will commence next week.

I welcome all comments or questions.

Best, J.T.
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