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 (7277)	3/20/2001 1:26:11 PM
From: J.T.	Read Replies (1) of 19219

From MITA 7277: ...<I am looking for a solid countertrend bounce to SPX 1,208 and we need confirmation with BKX above BKX 850 (not 860 as this is resistance). Once we get to this level lets see how the internals look>... *************************************** Now, Everytime we get to this BKX 850 intraday level it has failed and turned back down. Intraday high today is BKX 851.18 we are now at BKX 847... We must decisively take this BKX 850 out at the close this afternoon for this rally to have legs... BKX 860 remains prior overhead resistance.. as this was once critical support. We need 2 consecutive closes above BKX 860 to get the long train moving. In a best case scenario, an assault to this BKX 898-902 level would take this market to SPX 1,228 intraday high level and correspond to DOW 10,280 intraday high zone... Recall the last three supports posted in MITA archives that got taken out.... DOW 10,320, SPX 1,230, BKX 860.... More repair work needs to be done to be in a position to return to these levels...fwiw Today... FOMC The worst that can happen to market is 50 basis point cut and return to neutral bias... Market would sell hard. 50 point cut with aggressive wording that Fed stands ready to cut again or 75 basis point cut and the market will rally on close regardless of immediate reaction after FOMC announcement at 2.15 est. Best Regards, J.T.

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