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

To: J.T. who wrote (1088)	10/26/1999 10:56:00 PM
From: J.T.	Respond to of 19219

Today, in few short posts, MITA was again dead on the money. BKX sits smack on BKX 795 and NDX breaks important support at NDX 2,470 to finish at NDX 2,466 into the bell. The MITA ONE DAY RECAP: ...<NDX at a triple top at NDX 2,520. NDX 2,507 support needs to hold or you have huge overhead resistance in this 2,520-2,507 ZONE. NDX 2,507 is holding right now, but the close is what counts>... ------------------------------------------------------- ...<There is mounting overhead supply at this BKX 810. This BKX 810 resistance needs to be decisively taken out for this market to get new legs to take this market higher. BKX now at BKX 804. On the downside, a close below BKX 795 now will accelerate this downdraft further and a retest of the recent lows. I have stated in past BKX 795 two closes would get me to go long. But this exogenous shock via the banking bill has muddied the waters and I have asked for confirmation of other indices yesterday. Market data has remained inconclusive into yesterday's close and today so far is quite elusive regarding market direction. We are at that cross-roads in the broad market... The first close above BKX 795 was a result of the this exogenous shock via the banking bill which has opened the floodgates of future potential mergers between financials and specifically beaten down insurance companies. In addition, financials can now have the opportunity to offer to cross-sell each others products and services in which now only the strong will survive. Survival of the fittest. BKX as a result of this soared to close at BKX 808.6 on Friday. Yesterday we have this pullback and close at BKX 797.5 for this unconvincing second close above BKX 795. We may have to wait until Thursday mornings employment cost index number before the gamut is played out>... ---------------------------------------------------------------- ...<BKX is like clockwork for the broad market. Now heading lower at BKX 795... major support that needs to hold the line for bulls.. Broad market riding BKX coat-tails... up... now down>... -------------------------------------------------------------------- ...NDX break of NDX 2,470 will lead to serious acceleration of selling in this index...and broad market which will be confirmed by break of BKX below BKX 795. NDX 2,470 is line of demarcation of support for BULLS. Potential Break of this level and close below this NDX 2,470 ...it is lights out... Be on guard and keep watch says the master to the shepherd guarding his flock of sheep>.... ---------------------------------------------------------------- For tomorrow, Wednesday does not equal WedNDXday. The selling will accelerate. Best Regards, J.T.