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

To: J.T. who wrote (1934)	12/13/1999 4:40:00 PM
From: J.T.	Read Replies (3) \| Respond to of 19219

BROAD MARKET UPDATE: This is a troubling close into the bell. BKX faded to close at BKX 787.13 which is murky read but above BKX 785 support - below BKX 790 and I am not satisfied with second close. It was in tight band all day and could not get above 790. UTIL did rollover and die act as it too faded badly to close at this UTIL 269.59 which is below key UTIL 269.70 - a new 52 week low. We have had little if any dead skunk bounce and this smells bad. DOW did not lock in this second close above DOW 11,220 as we closed at DOW 11,192.5 but above DOW 11,150 support. SPX hanging around SPX 1,415 and stuck in narrow range. On the plus, NDX did manage to close at a new high and above NDX 3,240 tight support although would have preferred 3,250 +. NDX support is still NDX 3,160. RUT has been a big winner lately as small caps doing the January effect and out performing large caps. RUT closed + 3.67 at RUT 470.38. This is a new 52 week high but off the all time high of RUT 491.41 set April 21, 1998. MSFT acted very strong closing at MSFT 96 5/8 +2 3/4. This is the highest close for MSFT since way back in September 20 at 97 9/16 which was by the way one day false read. Really, it is Monday, July 19th and Friday July 16th where it closed at higher back to back levels at MSFT 98 3/8 and 99 7/16 respectively. So tomorrow is huge for MSFT and broad market and will set the trend for the rest of the week. Best Regards, J.T.