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 (6839)	2/28/2001 3:13:27 AM
From: macavity	Read Replies (1) of 19219

Ameritrade 90.73% from 56.66% CSCO and JDSU best buys - both new 52Week lows - so it must be a bargain ! The last time this index did something like this was between the 15Feb and 16Feb. The Nortel island reversal/abandoned baby day. NYSE - doji at trendline between Oct98 and Dec00 lows, having broken last week. weekly and monthly stochastics have turned down. OEX - 660 short-term resistance, 642 long-term support (broken last week) SPX - a bit like SPX.1275 short-term resistance. 1210/1215 long-term support. NDX - I make it that we are on the trendline joining 95 and Oct98 low (monthly charts). Looking through the SPX Charts Old ecenomy stocks - lots of doji's, few inverted hammers apart from insurance. New economy stocks - black candle after white candle with open well below close (kicking pattern - I think) If there was a day that Mr G has to get it right then today is it. He has got himself, and the market into a corner. People have spent the last week buying for the 'rally'/not cutting to no avail, thinking a repeat of 03Jan01 is on the cards. The difference between then and now was that the Market capitulated on massive breadth divergence, and then he cut - an old currency intervention trick . AmIndex was at 9% then, now it is at 90%. I believe there is nothing Greenspan can say that can get this market up. A rate cut would cause a covering rally, but even that I am beginning to doubt. February has been a nightmare for most funds. They are hoping/praying for a rally today to help their month out. Some self-evident truths. "Dont fight the fed, the market rallies on the second cut." "The market always rallies at expiry" "The market always rallies at month-end" This time it is different, or at least this February is, let see if it can make it 3 out 3 today. Today we crash.(sotto voce) -macavity

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