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 wrote (7031)	3/6/2001 9:15:49 AM
From: macavity	Read Replies (1) of 19219

A-Merry-Go-Round. Ameritraders below 50%. Why they should stop buying yesterday is anyone's guess. Looking at the buy/sells they are selling the stocks they bought higher a few days ago, but because volume was so low yesterday it is hard to apply too much faith to this all. Two small bodied days in tech - lots of indecision - another and the probability of a reversal increases. Tech:- Stoch buy signals in SOX, but I am looking for SMH to close above 48 before I get involved in anything tech, especially against a trend this strong. Apart from semi's no signals in other tech sectors - for me. Non-Tech:- With the exception of the large caps OEX/SPX and financials it looks OK - LOL. CYC may or may not break out (537/545 region) and TRAN looking healthier with a stoch buy signal. Still too early for me. Everyone is either i) Waiting for rally ii) Waiting to sell the rally. If anything is going to happen to the upside I think it will probably take some time still. Resistances for the OEX and SPX and BKX<895\|900 region still look ominous. Good luck all. -waving from the sidelines - macavity

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