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 (3904)	7/20/2000 1:29:19 PM
From: J.T.	Read Replies (1) of 19219

So far DOW has failed to take out this DOW 10,863 100% fibonacci retracement from June 5th intraday highs. It had better do this today if it is going to prove we are going higher. A close below DOW 10,815 is bad omen for bulls today considering how much they have gotten lathered up on IBM and JDSU and Greenspan dove comments on capital hill. I still believe he will raise 1/4 point on fed funds in August. DOW 10,863 resistance is to SPX 1,480 support. As I mentioned yesterday, UTIL was overbought and would weigh down SPX today even though it is up it is tempered by UTIL pullback. IF we take out DOW 10,863 this afternoon, DOW 11,000 intraday test is on the cards tomorrow. If Bulls can't hold significant gains today- trouble ahead next week. Best Regards, J.T.

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