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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (1723)12/8/1999 3:37:00 AM
From: J.T.  Read Replies (4) of 19219
 
BKX Update: We now know that Friday BKX rally for what it is: A ONE DAY FRAUD.

In MITA 1,723 on Friday we mentioned minimum supports that needed to stick at the close and this did not happen:

...<It needs to stay above BKX 848 on a close in order to build on this rally next week. I expect this to happen.

To my surprise a close above BKX 848 did not happen.

Again, in MITA 1,723:

...<A close above BKX 848 with UTIL close above UTIL 282 and bond yields confirming with yields below 6.26% and we will continue where we left off going forward on a close.

...<I will be concerned if any of these minimum support levels are violated on a close>...
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Now we get the moment of truth on the downside band below BKX 795 with todays first reading below this critical support at BKX 793 in the books.

The truth is this:

If it is a one day false reading we bounce back up above BKX 795 minimum, but ideally above BKX 800. Then we know for certain of this trading range at least for a short while.

BKX 818 is first resistance obstacle.

If on the other hand, BKX 795 is violated a second day on Wednesday, and we do in fact lock in this second close below 795, we then have new resistance at this level as it becomes the ceiling and we then go look for a new floor level of support. For me, the new support will be this BKX 775 level if bond yields are stable in this 6.18% to 6.23% level. If we start creeping back up to 6.24% and up, BKX 752 would provide next buffer of support.

Best Regards, J.T.
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