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 (1906)	12/11/1999 4:03:00 PM
From: fut_trade	Read Replies (1) of 19219

IMO, we are stuck in a channel. UPPER BBAND = 143.4 LOWER BBAND = 138.9 The Bollinger Bands for the SPX (I'm using SPX/10 ~ SPY) have contracted significantly over the last few weeks. According to Bollinger: Rapid and substantial price moves often tend to occur after Bollinger Bands tighten. So, I guess one can expect a big move up or down in the near future. geocities.com The chart looks perfectly neutral now, however, the breadth indicator shown at the bottom of the chart is trending down (some selling pressure). Chances are that we will probably drift lower. I think you can take the Bollinger Bands to be rough measures of support and resistance. To me it looks like the SPX just wants to fluctuate in the 1400..1420 price range. I really don't have a clue when the next big move will be or which direction. Right now the market is in a horizontal trending channel.

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