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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: Lost to Voodoo who wrote (3177)5/19/2000 4:51:00 PM
From: Lost to Voodoo  Read Replies (3) of 19219
 
NASD closed exactly (within a dollar!) on the 300 day ema. The only time it closed below the 300 day in this decline was April 14th, from which it bounced back the next day, but that was after a huge fall and furthermore was the 1st test of this line. That time it also did not close at the intraday low, but slightly above, foreshadowing the bounce. Given that, plus the descending triangle formation, I'd say the odds are in favor of further decline on Monday - maybe to 3200? (I'm back for the moment - just couldn't be here for close instant.)
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