MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: dvdw© who wrote (15006)	11/6/2002 8:59:36 PM
From: J.T.	Read Replies (3) of 19219

Notice COMP didn't pierce thru COMP 1426 yet. It closed up 17 at COMP 1,418.99 with intraday high COMP 1419.04. A few days ago I mentioned market needed to keep COMP 1426 underwraps until we get the pullback. COMP has gotten ahead of itself relative to DOW and SPX. Last few days we have had pullbacks off that monday intraday high of that mid-day post into the bell and then today intraday sell pullback post 50 basis point rate cut only to ramp back to the highs into the close: Message 18192530 Now we will get that smart pullback rolling down into the weekend and potentially extend into early next week to permeate market fear we need to enhance the seeds of doubt for the shaky bulls and reinforce to the cocksure bears that this is just another ramp con job by the powers that be. The market must give the bears reason to maintain short positions and stay in the game. COMP is well above double overbought levels, DOW right above double overbought and SPX right on double overbought levels on 5 day RSI. The time is right for the pullback now. Only then can another mother launch unfold into the Thanksgiving holiday. Rydex update later. Best Regards, J.T.

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