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 (4220)	8/29/2000 1:24:29 AM
From: J.T.	Read Replies (2) of 19219

Today we got our first close above SPX 1,510 that I was not anticipating to close at SPX 1,514.09 up +7.63. We hit an intraday high of SPX 1,523.95 before fading into the bell. SPX 5 day RSI is now at 77.59 after smartly above 81 and extreme overbought intraday. Now tomorrow we will find out if this is a one day false break above 1,510 close and we turn back down below this level as I am looking for on our way back to a minimum SPX 1,480 intraday support test or in fact we continue this bull rally on low, low volume. I have been looking for this smart pullback and it has continued to elude me. Tonight we got Rydex Short URSA at 250.7 million asset level- dead on the capitulation number I called for for the turn in the market. Now it is time for the market to respond - SOUTHBOUND. Looking for a minimum 2 day pullback. Best Regards, J.T.

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