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	1/25/2001 4:26:18 AM
From: macavity	Read Replies (3) of 19219

Doji Day. Main indices all formed small-bodied candles - dojis. This indicates indecision/pause in the existing trend. A long dark lower candle today would indicate a reversal in the trend forming an evening star. This requires confirmation. SmallCaps are showing a doji, and MidCaps show an inverted hammer (possible reversal - requires confirmation). 5 Day RSI NDX = 75.91%; COMPQX = 82.97%; SPX = 78.33%. Hell even UTILS is at 73.03%. (and is approaching resistance at 375 region) I have been out of the market except for 2 small positions in stocks - asbestos and retail. Tech has had me completeley confused and I have found very few entry points for a 2 - 3 day move. This is not the time to buy (tech) stocks for a short-term trade though I cannot say that the market will go down today (for sure). The speed of this rally has shocked me - the MANIA is back. People have feared missing out on the rally and are now chasing stock. A lot of NDX stocks are at long-term trend line resistance and are extremely overbought - MSFT(86%); EBAY(86%); ADBE(75%). If the market is to go down then today is a better day than most. Looking to go short, but would not be surprised to be wrong. - macavity

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