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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: Teresa Lo who wrote (296)	7/14/1999 3:39:00 AM
From: Teresa Lo	Read Replies (1) \| Respond to of 19219

Morning Market SnapShot for Wednesday, July 14, 1999 For the sixth day, the September S&P futures contract traded inside a range between 1395 and 1418. The market gapped down yesterday morning and basically traded in a range all day. ADX has been dropping since the market entered into this trading range. The S&P is now sandwiched in between the 20-period exponential moving averages on the 45- and 135-minute charts, drifting toward the lower end of the trading range. This cannot go on forever, so we will be watching closely for action near the low end of the range to see if holds support if tested shortly. In contrast, the September Treasury bond broke resistance at 116^08 on a tall white candle on Monday. Yesterday it formed a doji, indicating that sellers and buyers were balanced on a day of hesitation. After this doji, in order for the bonds to keep upward momentum, it must move up quickly to clear this candle, or else it will be vulnerable to a quick pullback to test support below. We will take a quick look at the market internals. During the past 6 days, new 52-week highs on the NYSE continue to contract and new lows are beginning to tick up. This is a sign of deteriorating strength. The market is in a position now where it must rally right here or else face sellers. Charts specific to these comments have been posted to intelligentspeculator.com