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

To: J.T. who wrote (1840)	12/13/1999 2:11:00 AM
From: J.T.	Read Replies (3) \| Respond to of 19219

BKX UPDATE: BKX on Friday hit an intraday high of BKX 801.89 as we tailed off into the bell to close at this BKX 796 level. It gapped up + 7 BKX 887 at the open as PPI market friendly data provided the rocket fuel. BKX 785 is new support off the gap with BKX 802 resistance. However, I believe BKX 800-802 is not a real problem and it will get taken out immediately tomorrow off Fridays bullish bond action with Bond Yields closing at comfortable 6.16% level. New resistance should develop on either side of this BKX 809 level. Here BKX 809 sits on this 10 and 89 day Moving Average (MA) and we need to break this barrier before DOW has opportunity to knock out all time high close DOW 11,326.04 once and for all. Higher resistance is this BKX 818 which sits right below 50 day MA of BKX 820.97. If BKX 818 is taken out tomorrow you can book a new all time high in the DOW. Lower resistance is BKX 775 support. BKX and Bonds now forming this one two punch for eagerly awaited new DOW and SPX highs shortly. Market climbs this wall of worry. However, MITA believes new highs will be fleeting moment enjoy the ride because what is underneath this facade is one mounting tension and decay beneath shelf of support. Best Regards, J.T.