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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (3742)7/10/2000 11:57:06 PM
From: J.T.  Read Replies (1) of 19219
 
Rydex Total Assets Update for Monday, July 10th:

SPX Long - NOVA       663   Million
SPX Short- URSA       280   Million 

NDX Long - OTC        3,343 BILLION
NDX Short- Arktos     94.4  Million

XAU- Precious Metals  49.8  Million 
Money Market          973   Million


SPX 1,480 close fails again back to back after trading higher above this level most of intraday action with an intraday high of SPX 1,486.56. We closed at SPX 1,475.67.

MITA caught it early the low plains drifter in IIX and DOT that did not participate in the mid-afternoon rally and spotted the net leaders early in turning the whole market down. DOT failed miserably this DOT 800 support to close at DOT 784.02. We have not closed this low since May 26th. IIX is teetering. It closed at IIX 488.50 and below its 13 day MA of 491. 200 day MA IIX 500 is now brick wall and remains a mystery for Bulls.

BKX is in no man's land between support and resistance and I think tomorrow will decide the course of action going forward. Do we crack resistance above BKX 800 or do we blow back below support below BKX 780 (prior resistance for 12+ trading days). BKX closed at BKX 793.68 after intraday high of 803.26. Nevertheless, it is second close above BKX 790 and this is a plus for Bulls.

NDX between support NDX 3,645 and resistance NDX 3,880 to close at NDX 3,772.

Now we are going to see what kind of counter-assault Bears can mount tomorrow.

Best Regards, J.T.
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