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

To: Area51 who wrote (3262)	5/23/2000 5:44:00 PM
From: Copeland	Respond to of 19219

I'm drawing my line in the sand at NDX=3000 (closed at 3023) on a closing basis. I'm thinking I will cut my NDX exposure and possibly selling QQQ short (if available?) if 3000 is violated. Good idea ??? Initiating a short position at 3000 may not be all that profitable, considering that there was support at the 2900 mark. In hindsight (which is always 20/20), this morning was an excellent time to short considering how stagnant the market was and the fact that despite the rebound, the Nasdaq broke through support mid-day. I didn't go short, but I wish I did (in actuality, I went long the Nasdaq generals at 2:30 yesterday and ended up closing those positions today). With little news to keep the market up, we've got to fall.

To: Area51 who wrote (3262)	5/23/2000 10:18:00 PM
From: J.T.	Read Replies (1) \| Respond to of 19219

Area51, NDX was a total breakdown today and if tomorrow confirms todays action, I think NDX 3,000 or lower close yes at some point one must decide where to stop the bleeding. Tomorrw we will see if positive trade vote will give NDX a lift... I would like to see NDX get back above NDX 3,300 area very soon otherwise this area serves as new resistance. Best Regards, J.T.

To: Area51 who wrote (3262)	5/23/2000 11:04:00 PM
From: J. P.	Read Replies (1) \| Respond to of 19219

I see next support below 3000, more in the 2700 range. The only support I see after today on the Nasdaq chart is the old resistance from last Fall. Also notice that the Stochastic oscillator is in a position that I believe portends a further near term drop. (Naz and Dow) clearstation.com I think that the technical damage is so great here that it's going to take 6 months or more to work off the overhead supply on most stocks. Look at the chart for KANA: clearstation.com This is now your average chart....So much for new paradigms and new economies....