MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: marginmike who wrote (2510)	4/18/2000 1:06:00 AM
From: J.T.	Read Replies (3) of 19219

mike, I mentioned NDX 3,660 (after NDX 3,205 fri close) as first real major resistance level on Sunday when sky was falling, futures were going into lock limit down and they were calling for Monday collapse <g>. Today we closed at NDX 3,529 up a whopping 323 (10% +). I am looking for this NDX 3,660 intraday test tomorrow (Weds latest)and the success of whether we close above this level or not twice back to back we need to re-establish BKX. The success of this test for me is this small correlation to this BKX index - a favorite of mine. Take a look at this chart and you will see the gap from BKX 810 to BKX 799 that needs to be filled off of Friday's robust CPI number. charts-d.quote.com:443/956032856220?User=demo&Pswd=demo&DataType=GIF&Symbol=BKX.X&Interval=60&Ht=400&Wd=600&Display=0&Study=&Param1=&Param2=&Param3=&FontSize=10 On the upper end we have the BKX 849 double top play. On the support side, BKX 742 has held twice now. A break below BKX 732 and we will have the market tail-spinning again. I think BKX will find initial resistance at BKX 795 - we need to plow thru this level for the rally to run. If it is true, then for me BKX will need to fill that gap and have back to back close at/above BKX 815. This will re-establish that short 5 day MA ( BKX 793) momentum needed to broaden out market... My gut says we run into a buzz-saw short term at BKX 795 and NDX 3,660 and more backfiling and re-test of supports is needed. But I will let market be my guide with these little parameters and this trade number on Wednesday can tilt the scales in either direction. Best Regards, J.T.

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