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

To: J.T. who wrote (1766)	12/7/1999 12:20:00 PM
From: fut_trade	Respond to of 19219

...Is the market fatigued That break-out to a new high on Friday snapped like a rotten stick. I think the bulls exhausted themselves on that one. I think SPX 1387 in a few days is possible. However, at this point, I am just watching. No position.

To: J.T. who wrote (1766)	12/7/1999 12:47:00 PM
From: fut_trade	Respond to of 19219

There was a perfect "intraday double top" on the SPX 5-minute chart yesterday. iqc.com

To: J.T. who wrote (1766)	12/7/1999 6:01:00 PM
From: Matthew L. Jones	Read Replies (2) \| Respond to of 19219

JT, Actually, looking at a 30 minute chart of the S&P futures, the last time the ESZ9 had an oversold period nearly as long was October 14-15 and again 18-21. Today (as of the close) the stochastic oversold period is longer than either time (both right prior to bottom). Of additional interest is the high market volatility the last half of the day. The violent swings in the S&P futures market is indicative of an intermediate market bottom. As for the NASDAQ??? Go figure. Anyone catch the 67 point up move in YHOO today? Talk about nuts. csf.colorado.edu Thought I would attach this chart for the arsenal of some of you bears. Never know when you might need it<G>. Matt

To: J.T. who wrote (1766)	12/7/1999 10:00:00 PM
From: Magnatizer	Read Replies (2) \| Respond to of 19219

J.T. I enjoy MITA. I think this thread presents a bear case which is backed by more then the simple valuations argument. I am not a bear, nor a bull. Trying to stay as impartial as possible however hard that may be. Most of my work points to an upward move in the market for the next 5-7 months at a minimum. I do not believe every day should be an up day but, come next July, I think we will be higher then we are now. In light of that I am watching the BKX for a potential reversal here. If it does not happen in the next 3 trading days I will be concerned. If it does not happen in the next 5 trading days, I will be more concerned. If it does not happen in the next.... well you get the drift. Support level I think is most critical on BKX is 779. Here are some charts including the BKX (the magnet trendline cross today had a value of 797). Of note on the BKX chart is the action following the trendline crosses. It is generally a time of reversal, thus my feelings of a probable reversal. geocities.com ht david