MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: marginmike who wrote (10683)	2/21/2002 4:19:21 PM
From: Killswitch	Read Replies (1) of 19219

I think a crash is doubtful... the Naz just had to do some catching up today- both to finally hit its lower downtrend line and also to finally get back to the congestion levels from the 2nd half of Oct that the S&P has already been bouncing around in for a while now. I think more likely is we bounce back up sometime tomorrow to take another shot at the upper Naz downtrend line over the next few days. If it were to eventually break that line combined with rydex ratio levels dropping below 15 (it definitely seems caught in a range between 15 and 20 right now) then that would be ultra-bullish. I'm still not convinced that we can develop enough bearish ooomph while the ratios are already this high to be able to make it all the way straight down for a retest now.

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