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 (762)	10/5/1999 10:26:00 AM
From: J.T.	Read Replies (1) of 19219

IBM 122 ACHIEVED. IBM has hit our IBM 122 target intraday we talked about on Friday in MITA 762: ...<Today's breakdown below IBM 118 on a close (IBM 117 3/4 -3 1/4) is very important and will set the tone of the market going forward. A plot within a subplot. First, the important bounce off of the lows today (FRI)of $115 1/2 sets it up for this little bounce back to maybe 121-122 area intraday early next week. This second close Monday is imperative and must get her back above $118. It should get this close above 118. If, on the other hand, Blue is unable to accomplish 118 on Monday's close, it constitutes a technical failure and will take IBM down to that $108 area I have previously mentioned and take the DOW with it mentioned in MITA 743(to this DOW 9,770 level just established)...> The market was real strong across the board and only Mr. G moving to tightening bias will stop market dead in its rally track. Otherwise, no news is good news and this rally should continue until Thursday sometime before we get that next big eco # on Friday. LET THE PROFITS RIDE ON "NO ACTION BY FED UNTIL THURS intraday", imho. Watch IBM's action going into the announcement. If this pup IBM turns and heads back to 118 and lower into the close, you know the rally is over take your profits and we are going to take out previous supports of DOW and SPX within a few days. Best Regards, J.T.

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