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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (4925)3/15/2001 3:49:29 AM
From: J.T.  Read Replies (1) of 19219
 
Compare the highest ratio in put/call readings in the last 5 years booked on on October 11, 2000 to today March 14, 2001.


         10/11/2000    03/14/2001
Time        
9:00  AM    1.42         1.16
9:30  AM    1.09         1.11 
10:00 AM    1.13         1.07 
10:30 AM    1.09         1.02
11:00 AM    1.11         1.00
11:30 AM    1.05         0.99
12:00 PM    1.02         0.99
12:30 PM    0.99         0.99
1:00  PM    0.96         0.97
1:30  PM    0.95         0.95
2:00  PM    0.95         0.92
2:30  PM    0.93         0.89
3:00  PM    0.91         0.90


In October, the market moved from SPX triple support close of SPX 1,436 on October 5th and broke hard. On October 11th, the day these CBOE ratios were booked, the SPX closed at SPX 1364. We bottomed the next day October 12 close SPX 1,329. The next day October 13 we bounced hard to close at SPX 1374. We climbed as high as SPX 1,432 close on November 6th the day before election. Then back down.

In this latest go round, we registered a triple support at SPX 1239-1241 level with 1233 the buffer from October 99 intraday lows.. Today we closed at SPX 1166. Based on similar situation, I think we can shoot for this SPX 1228 level upside maximum and then turn back down before we attempt to repair damage...fwiw

Best Regards, J.T.
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