MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: shamsaee who wrote (4611)	9/21/2000 12:29:10 PM
From: J.T.	Read Replies (2) of 19219

shamsaee, I am watching the brokers in light of MSDW earnings shortfall and specifically market bellweather MER down another 4 points to 62 1/4. This is right above its 100 day MA 61 1/2. We must bounce off this level back up to 25/50 day MA 68-70 level otherwise 2 closes below this level will lead to test of 200 day MA 53 7/8 and broad market sell-off. Intraday low on MER today at 60 7/8. DOW, XBD, BKX and UTIL all below oversold levels so if we can hold supports here we could get a hard squeeze and bounce starting tomorrow. DOW up 28 SPX down 6.5 NDX down 44 Another intraday reversal off the lows like yesterday with strong close today will put fear in hearts of Bears. The question of market supports: "if supports can't get taken out right here and now, what will it take to mount the overwhelming asasult to get Bears in control?"... Best Regards, J.T.

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