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

To: Lost to Voodoo who wrote (2890)	5/11/2000 12:50:00 AM
From: J.T.	Read Replies (3) \| Respond to of 19219

albedo, I would like to answer your NDX question in an apples to oranges scenario. This broad market configuration is set up on that April 14th test close across the board. DOW closed at this DOW 10,367 with an intraday low of DOW 10,292. April 14th saw DOW close at DOW 10,305 with an intraday low of DOW 10,201.5. I would like an intraday test tomorrow below DOW 10,292 with a hard close into the bell. Elliott Wavers think we will take out important DOW 10,201 and at least test DOW 9,800 level minimum. Several things stick out that we are near bottom. 1)UTIL is gathering strength. It closed up smartly today to finish at UTIL 325.31 + 4.84. The 5 day MA is in clear break-out against all MA's. We are within 10 points of an all time high. I think UTIL has capability to move to this UTIL 360 area before it is all over as long as we do not have 2 back to back closes below UTIL 318. 2)TRAN is gathering momentum. It closed at TRAN 2,863 down 40 but right on its 9 day EMA and still above its 13 day MA. 5 day MA still above these levels. Closed right on its 200 day MA and still above the 50 day. 3)On a micro level MER is a good leading indicator of serious market trouble and this stock is still strong. MER closed at MER 100 11/16 down 3 11/16 but is still holding up strong. The 5 day is still above the 9 day EMA and the 13 day MA (50 day at 103 as well)although this has converged into a coil at 103. 4)BKX still hassn't broken my critical support BKX 734 2 consecutive closes. 2 closes above BKX 780 will seal the break-out for me. NDX, and quality tech stocks I have named still have powerful growth dead ahead for at least 2 to 3 more quarters. I am not suggesting new highs on NDX- just a smart hard rally now in the face of gloom. For me, DOW has a better chance of hitting token new highs as long as DOW 10,201 is not violated right here and BKX can ride on its wings. Best Regards, J.T.