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

To: fut_trade who wrote (2316)	1/13/2000 12:37:00 PM
From: J.T.	Read Replies (2) \| Respond to of 19219

Peter, breadth for me tends to be a lagging indicator - especially 2, 10 and 52 week. Hence, breadth provides no clues on short term direction. It is indices like BKX (close to break-out)and others like UTIL closing in on UTIL 300 inter relationship with NDX and COMP trying to bounce off this support today. Maybe the rally won't come until the last hour after bonds close??? My target is SPX 1,490 and DOW 11,900. When we get to these targets, then I will like to look at the quality of this rally in relation to breadth and the market broadening out - ie drugs (DRG) banks (BKX) etc. From this data, I will then update if we are heading back down to DOW 11,200 or DOW 12,500. It is too early to tell. Best Regards, J.T.