MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: Bart who wrote (384)	8/2/1999 8:32:00 PM
From: Matthew L. Jones	Read Replies (2) of 19219

Bart, I see support on the indices as follows: Dow-- 10,410 area (bottom Bollinger band in several more days. pcquote.com Nasdaq--2590 area (1st level) or 2450 area if it closes below 2590 tomorrow. pcquote.com S&P 500-- 1309 area pcquote.com Using RSI on the indices I see several more days of weakness (hopefully with moderate volume) before we start back up. However, the charts all look a lot like this time last year (and I'm afraid a lot of traders' memories are part of what is lacking in buying interest at these levels). I'm afraid we're in kind of a holding pattern until the market decides whether it goes up or down. This week, I'm betting on some more consolidation. I'm staying at 70% cash waiting on the sidelines so as not to get burned like last year. MLJ

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