MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (691)	9/27/1999 9:21:00 PM
From: J.T.	of 19219

Friday and today (Monday) marked an important watershed event for SOX Index regarding new support and resistance levels. On Friday we twice breached thru my critical support SOX 509 (502 intraday low)and bounced back up to finish at 516 area. Today we get the morning break-out and ran into a major buzz-saw at 530 SOX (533 intraday high)and turned right back dow. 530 SOX is now resistance and 502 is support as this 509 SOX will surely get tested and taken out possibly as early as tomorrow but no later than the end of this week, imho. It will become indicator #6 to eat dirt. iqc.com I noted this impending break-down in SOX before it began to materialize (MITA 689 last Thurs a.m) as capitulation came that afternoon. ..< Notice SOX is beginning to drift toward SOX 530 (543 now)first initial support down over 1.5%.>.. The weight of SOX falling will spill-over to NDX and ultimately the NUTZ via IIX. Best Regards, J.T.

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