MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: macavity who wrote (6285)	1/26/2001 6:59:34 AM
From: macavity	Read Replies (1) of 19219

Textbook Evening (Doji) Star Candle Formation stockcharts.com Ameritrade Index:79.43% from 64.75% I think we go down for a day or two more. Move is contra-rotational. I.E. Aggressives (tech) sell-off vs. defensives (UTILS & DRG) buybacks/short-covering. NDX 5DRSI: 47.10% from 75.91% NDX Retracement levels from Jan2001 advance.: 2505-2425-2345 There is a (technical) possibilty of this tech advance being negated, but I think that it is unlikely for now. Stochastics (10D - 21D) are turning down from O/Bought. But longer term (50D +) are all still upward sloping having come up from O/Sold region. Rotation Levels. UTILS (5D RSI = 80.51%) - Resistance @ 375/380 region - Support @ 362 then 336. DRG(5D RSI = 61.53%) - Resistance @ 415 then 423(?) then could go higher but by then I think RSI would be in extreme reading. - Support @ 400/398 level. I would look at these to see if rotation changes back to buy tech/ sell defensives. - macavity

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