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

To: J.T. who wrote (1906)	12/11/1999 4:03:00 PM
From: fut_trade	Read Replies (1) \| Respond to of 19219

IMO, we are stuck in a channel. UPPER BBAND = 143.4 LOWER BBAND = 138.9 The Bollinger Bands for the SPX (I'm using SPX/10 ~ SPY) have contracted significantly over the last few weeks. According to Bollinger: Rapid and substantial price moves often tend to occur after Bollinger Bands tighten. So, I guess one can expect a big move up or down in the near future. geocities.com The chart looks perfectly neutral now, however, the breadth indicator shown at the bottom of the chart is trending down (some selling pressure). Chances are that we will probably drift lower. I think you can take the Bollinger Bands to be rough measures of support and resistance. To me it looks like the SPX just wants to fluctuate in the 1400..1420 price range. I really don't have a clue when the next big move will be or which direction. Right now the market is in a horizontal trending channel.

To: J.T. who wrote (1906)	12/11/1999 9:42:00 PM
From: fut_trade	Read Replies (1) \| Respond to of 19219

J.T., after checking over some more data and plots, I'm pretty sure we will be in horizontal channels for both the SPX and NDX in the near term. The SPX ran out of steam last week and the NDX ran out of steam late this week. I have no signals indicating a market moving higher and no signals indicating a market heading lower. I think it will be a good opportunity to trade.