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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (663)9/23/1999 6:00:00 PM
From: J.T.  Read Replies (5) of 19219
 
UPDATE OF THE 9 CRITICAL SUPPORTS FROM SEPTEMBER 3rd:

The kamikaze bulls don't want to listen b/c I just bring noise to S.I like the gong show. The market has been screaming warning for some time now. And while it can be said that I have cried wolf before, it is the only period thru the end of September that I have ever called for a crash on the thread. This ain't no joke folks. Air pockets will rear their ugly heads if not tomorrow then next week.

These 9 supports seemed insurmountable to penetrate below supports in light of the fact that we have had two of the biggest one day monster up days in the market since September 3rd. In spite of this, 5 of the 9 supports are toast as the DOW THEORY has just kicked in. This is shades of '29 and '68 big time.

These are the critical supports I have posted on September 3rd (MITA 652): 
1)DOW 10,550 XXXXXXXXX  TOAST XXXXXXXXX
2)UTIL 307   XXXXXXXXX  TOAST XXXXXXXXX
3)TRAN 3,012 XXXXXXXXX  TOAST XXXXXXXXX 
4)BKX 765    XXXXXXXXX  TOAST XXXXXXXXX
5)SPX 1,294  XXXXXXXXX  TOAST XXXXXXXXX
6)RUT 412   #3 IN BATTERY    
7)NDX 2,328 #2 ON DECK
8)SOX 509   #1 AT THE PLATE FOR S.O.
9)IIX 273   #4 and last in dug-out


Wake up folks. This mirage is nothing but smoke and mirrors in the face of the decaying breadth statistics that permeate a sick cancerous market. Cumulative negative breadth statistics have now reached lows not seen since September 24 1996-- A THREE YEAR LOW WHEN THE DOW WAS AT 5,874 AND THE SPX AT 685.

Best Regards, J.T.



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