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

To: J.T. who wrote (1168)	11/2/1999 3:35:00 PM
From: DayTraderKidd	Read Replies (1) \| Respond to of 19219

IMO QCOM will sell off after announcing earnings

To: J.T. who wrote (1168)	11/2/1999 3:39:00 PM
From: TWICK	Read Replies (1) \| Respond to of 19219

Sure looks troubling for SPX. Selling at the 20 dma once it bounced after it formed a hammer at 15:00 time-frame. www3.techstocks.com Could it go down to 1338 to find new support ? Kinda looks that way. Btw, anyone here know of or participates on this forum ? intelligentspeculator.com Twick

To: J.T. who wrote (1168)	11/2/1999 5:16:00 PM
From: J.T.	Read Replies (1) \| Respond to of 19219

ANOTHER HOME RUN BKX CALL FROM MITA. THE BACKTEST. BKX RECAP: BKX closed at this BKX 876.53 and above BKX 875 critical support MITA called for. NDX confirms BKX with a close above NDX 2,620 support. Tomorrow is UP. MITA is dead on the money again with BKX. Look at these posts: MITA 1,146 from Monday: ...<BKX 875--South of this level and selling will accelerate this afternoon. A close below BKX 875 and double close tomorrow below BKX 875 will seal the markets fate back down.Otherwise, if we manage to stay above BKX 880 close, just some consolidation>... -------------------------------------------------------------------- And today, as BKX was heading solidly higher, MITA laid it on the line and did not back off from the challenge: MITA 1,149 Today: ...<BKX got one close below BKX 875 and now she is running back up to this BKX 890 intraday high. BKX 900 test is very possible today. Support is now at BKX 887. Bulls will want BKX to stay and close above this BKX 887. A close below BKX 875 would be a huge technical negative and seal that second close below BKX 875 and take market back down across the board. BKX 887 thru BKX 875 is consolidation band>.... ---------------------------------------------------------------- MITA spotted trouble on BKX as it was stuck in cement at BKX 890 and soon became a rounding top. MITA 1,162: ...<BKX now at BKX 890 double-top and it wants to run to this BKX 900 intraday; the market wants to follow. I will not stand in the way of a speeding locomotive in BKX leading market higher if this materializes. BKX so far has held serve and support levels MITA established, now it has opportunity here to seek out higher resistance levels. BKX had better take this opportunity now and run with it. Otherwise, potentially very ominous. If BKX turns down from this BKX 890, and more importantly , closes back below BKX 875, we will then be in the early stages of a hard sell-off back down for the entire broad market. More later. ---------------------------------------------------------------- MITA 1,163: Tight support level established at BKX 887 when the market was up DOW +90 BKX +18 and SPX +15. Laser guided precision: ...<BKX needs to stay above BKX 887 for bulls to remain in control today>... --------------------------------------------------------------------- MITA 1,165: Notes the break Of BKX 887... About 1 hour and 10 minutes after the call of BKX 887 support. ...<BKX 887 breakdown is working like magic. Market couldn't hold and build on three hour of gains and now we turn back down>... ----------------------------------------------------------------- MITA 1,166: Mita notes inter-relationship with NDX 2,620 support to BKX 875 support: ...<NDX now has this NDX 2,660 double top in play as we are at NDX 2,638 on this bout of profit-taking. Let see if they try to rally it from these levels and whether NDX 2,660 comes into play again during the course of today or the rest of the week. NDX 2,620 is support. One close for me below NDX 2,620 confirmed with BKX close below BKX 875 and it is lights out on this counter-trend rally>... ------------------------------------------------------------------- MITA 1,168: These support levels hold firm enough and MITA makes the call to go long. Notes extraneous reasons to go long. ...<BKX 878 support has held. NDX 2,620 has held. We are going to rally off of QCOM earnings and Fed Beige Book tomorrow. TRIN is at one day overbought reading of TRIN 1.33 also will stoke the rally. One hard day up. By the way, TOMORROW IS WED-NDX-DAY. Best Regards, J.T. EDIT: Tomorrow, over last 50 years we have 71%+ chance of closing on the upside as measured by the S & P. This ranks in the top 10 for % probability chance of odds in our favor. ----------------------------------------------------------- We close right above hard and fast critical support levels: MITA 1,178: ...<I just call it the way I see it, like this BKX support and resistance levels...nice and easy. My levels held today. BKX held BKX 875 support and NDX held NDX 2,620 into the close. First one more day of this upside combustion tomorrow. Then we can accommodate Friday's employment numbers for the Bears. <g>>... ----------------------------------------------- Out until late tonight. Best Regards, J.T.