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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who started this subject11/14/2000 9:34:34 AM
From: David Lee Smith  Read Replies (1) of 19219
 
MomentuMonkey Indicator upgraded to NEUTRAL from SELL. My web page will not be updated until Sunday, but I have updated the model. It is looking at a target price of 1327 (-1.8%) from today's close of 1351 that could come inter-day. Momentum has improved to NEUTRAL from NEGATIVE. Valuation continues to be NEUTRAL. The indicators are mildly negative. I'd expect the market to drift lower in the next few days, but not at the violent pace that we've recently seen. I'd rule out a sharp upturn here. Money flow is too weak, but a small bounce (less than 3% could happen). I would not cover short positions here because macro events are more likely to be negative than positive. I do not expect a resolution to the office of President soon. I still believe options expiration will be to the downside. We may have one head-fake day of upside, but odds of that are also weak.
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