MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: bobby beara who wrote (645)	8/31/1999 7:33:00 PM
From: pater tenebrarum	Read Replies (1) of 19219

Bobby, also note a bullish a/d line divergence...a/d line making a lower low, unconfirmed by prices. in typical late stage mania fashion, the concentration of speculative capital in fewer and fewer stocks will likely continue, just as you suggest. the bond market faces major supply problems in September due to the heavy corporate calendar as well as Japanese repatriation due to the fiscal year end. also the post rate hike rally in the bond has revived bullish sentiment much too quickly, which suggests that there is more downside ahead for the bond. i guess that will put more pressure on the whole financial services sector, which should ultimately drag the rest of the stock market down as well. if you compare the SPX chart to past disaster periods (guess which ones...ggg) you will note an eerie similarity. well, nobody expects a disaster right now, but we should remain on alert. we'll see if the short term cycles manage to pull the market up over the next few sessions or if the more negative longer term cycles have now taken over. regards, hb

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