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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: Killswitch who wrote (14558)9/11/2002 4:36:21 PM
From: Killswitch  Read Replies (1) of 19219
 
With all those short assets still in Rydex, and the lack of any major terrorism today, there should have been a bid under the market today. What this tells us is the smart money ain't buying at this level, and dumb money (mutual funds, etc.) don't have any cash (actually they may be getting squeezed to sell).

Any downward movement at the open tomorrow that sticks will create an extremely bearish candlestick pattern on the indices.

BTW, we are still following the Nasdaq retrace perfectly. If we continue we should go to around 1200, bounce up slightly, and then begin a slide to 1000. If it continues past that we should bounce back to 1200 area then slide to 750 over a prolonged period next year.
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