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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (796)10/12/1999 6:28:00 PM
From: J.T.  Read Replies (5) of 19219
 
WELCOME TO THE Continuation of the BEAR MARKET!!

The market was given every opportunity to build on the Counter-
trend rally that MITA called for and got. All short-term upside
market index targets were achieved. I refused to put out new higher
broad market targets simply because complacency again set in as
measured by TRIN, VIX and the put-call ratios. BREADTH WAS AGAIN
HORRIBLE. BUT THE BULLS REFUSED TO BELIEVE IN THE VALIDITY OF THIS
INDICATOR ALONE. The last negative non-confirmation was NDX (COMP is synonymous) making a new high yesterday with no other indices even close to confirming.

Now the last of the dirty story is about to unfold from MITA 711:

...<The radar has now locked onto 3 of the last 4 capitulation 
support indices mentioned on September 3rd:

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
SOX, RUT and NDX are going to fight for bragging rights which index 
is going to take runner-up (2nd to last to eat dirt) to IIX... the
last index which will take the prize of the last to fall.

It is becoming quite clear now. Once the final index, the IIX 
approaches that 273 level intraday, and it may or may not breach that
critical support level, it will be at that time to go long for a good
bounce>...


Back late tonight.

Best regards, J.T.
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