MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: James F. Hopkins who wrote (591)	8/12/1999 7:06:00 PM
From: J.T.	Read Replies (3) of 19219

James, Well what happened to that rally? They let the bulls run rampant while I was away from shop and with guests yesterday and I am sure they probably had some choice indirect shots at MITA/and or other bears in the last 36 hours. <ggg> I get back on this morning when the DOW is up 11, they take it to up 115ish and reverse it into the bell to finish it up + 1.5 pathetic points. Maybe I should keep a closer watch at the shop. In addition, the broader indexes finished down. Nothing like a little smoke and mirrors to "hook" some more blind investors into the "bear trap". They even had the DOW ticker turned off the last 15 minutes of trading when it was still up 20 while the rest of the market was turning negative. They pulled the same trick with inaccurate data feed on the UTIL. The good news is they shaved off all of the excess oversold levels. We are now in much better technical position to take out my capitulation supports. Speaking of capitulation and supports, did you notice where the UTIL INDEX finished today? dbc.com Smack on the money with these posts: 1) Message 10853420 That's right:312.60 and below 313 capitulation support. Down hard right into the bell. This posted last Friday (last week): "IS.com, take a look at the Bear flag in the UTIL Index. Primary support at 316.60 and capitulation on a close below 313 as early as next week. If we close below 313 UTIL, I assure you at the very least DOW will have this massive test at 10,470. DOW 10,410 is capitulation support." 2) Message 10882881 "We will have one more test at this 316.60 level in next few sessions:" This chart may show a close of 313.05 which is inaccurate. It is 312.60. Most be more smoke on the bull filled room. members.home.net 3)To: Christopher (542 ) From: J.T. Tuesday, Aug 10 1999 10:49AM ET Reply # of 592 Christopher, I am looking for that test of UTIL 316.60 today or tomorrow. This will clear up the UT picture. The UTIL 316.60 test held yesterday, and failed miserably today. It took out two bulls (birds) with one stone. The DOW is going to be pulled like a magnet down hard tomorrow and for most of next week if UTIL INDEX acts weak tomorrow, and closes below 313 for the second day in a row. The writing is on the wall. Best, J.T.

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