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 (4984)	10/14/2000 4:29:08 PM
From: bobby beara	Read Replies (2) of 19219

stockcharts.com[L,A]DACLYYMY[DF][PB50!B200!A1328][VC60][IUB9!LD20] JT, we got slightly more oversold on rsi on thursday spx as on 8/31/98, which was the first bottom, so we have momentum confirming price, with the most oversold level of the last 3 years, most bottoms are formed with a divergence, so we have to look for a rally back into resistance, which would have a zig/zaggy bear flag look - then a new low with divergence, i still think this whole structure on the chart has the possibility to be a rising wedge topping pattern - with more downside in store, as per my chart posted on stock attack. remember i told you a couple of weeks ago the spx looked like a rising H&S pattern, well i'm looking for a rally back into the neckline (just like the sept 98 rally) then a new low. b

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