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	1/17/2001 8:46:19 AM
From: macavity	Read Replies (1) of 19219

Tech road block. Looking at stock charts it looks like one of the reasons tech did not break out last week was due to all the NDX large cap stocks. Of the top 7 NDX stocks only WCOM seems to have overcome resistance. ORCL and DELL look hopeful but are not there yet, but SUNW, MSFT, INTC, and CSCO are all holding this market back. There is just soo much ownership of these stocks that it may take a while to shake out the longs in these stocks. Rotation into tech is not happening as clearly everyone is still long the large tech big-caps. Went flat at NDX=2450 region but think that tech still has the ability to go down further. Be interesting to see what happens to INTC today and these 4 stocks in general. Levels DRG - Support 400 Resistance 415 and 425. UTIL - See a rally off 335 level Target 365/370 area. S&P SmallCaps look like they are about to breakout to an all-time high. Any ideas if there is an ETF for this. - macavity

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