MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: fut_trade who wrote (2125)	12/21/1999 3:09:00 PM
From: J.T.	Read Replies (1) of 19219

Peter, I will answer your question in round about fashion. No, to answer on sustained break-out. More guerrilla type hit and run pullback limited break-out. This FOMC announcement is symbolic for year-end santa buzz. This SPX 1,433.30 close on December 3rd is going to be tough to muster more than 3 closes in a row. We have built this "BRICK WALL" of overhead supply in this resistance zone. Note also theoretical high of SPX 1,447.42. I believe we can have potentially fragmented one or two closes at or above this area, but we are really capped out around SPX 1,465 maybe one close above this level. BKX and UTIL must participate but how can they against rate feaar and Fed behind the curve backdrop until Feb. I will look for short opportunities in this band but will wait to see how BKX and UTIL act in this scenario. Best Regards, J.T.

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