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 (10316)	2/13/2002 8:33:26 AM
From: J. P.	Read Replies (2) of 19219

Are we looking at the same chart? stockcharts.com[m,a]daclyyay[dc][pb50!b200][vc60][iUi14,3!Lh14,3]&pref=G All I see is a small counter trend off an oversold condition going into expiry week. I see no visible signs of a sustainable rally. The trend is strongly down and there is piles of overhead resistance for a long time. There is strong resistance at the moving averages and the 50DMA has crossed under the 200 DMA on the major indices. The RYDEX numbers are instructive and a piece of the puzzle to be sure, but in my view they are too reliant on contrarianism (in a bear market the market can continue to slide even as bearishness and pessimism prevail) and are more of an overbought/oversold oscillator. I can see a rally here on the OEX, for example, to nudge it's way to 575 and stall at the 50 DMA, then back down again before another attempt. Don't know why I post this, it doesn't matter (and I don't care, I believe in neutral positioning with only slight bias), just passing the time of day....

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