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 started this subject	8/4/2000 11:19:59 AM
From: macavity	Read Replies (1) of 19219

NDX - 3631 ! If the market closes below this level, i.e. ends up flat to down from yesterday then it would be the second week that it has closed below the 38% retracement level of the Mar/May decline. Now I would always add a good 1% either side of a chart level like this, but a failure to rally today would add to the return to the May lows scenario. The COMPX does not look as bad as its smaller brethren,and I do not know what to make of it since it did bounce off support yesterday quite convincingly. I think that we may spend a few more days around these levels as the market digests its oversold state (daily) vs trend indicators showing a bearish slant in daily/weekly/monthly time frames. A few more days of prancing around and then we go lower. The market is waiting for some thing - methinks we will find out after CISCO Tuesday. - macavity

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