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

To: LaVerne E. Olney who wrote (4047)	8/3/2000 9:24:16 AM
From: J.T.	Respond to of 19219

Leo, even as these indices flashed green and oversold rsi levels were trying to put in a dead cat bounce from below 30 RSI levels, there has been no leadership in the market other than dow utilities which is a souped up index these days. The kicker for me to stay short yesterday was the failure of the rallies the last two days to hold and churn down into the bell. SPX failure to break above SPX 1,440 close after intraday action above thise levels last two days permeated distribution underneath all the action. Now, in the absence of buyers there exists this black hole vacuum. Selling begets selling. Maybe this will be the moment of truth these next three days ahead starting today with the break of the DOW Diamond Top?? DOW 10,336 break commences this action and DOW 10,200 break confirms capitulation dead ahead. DOW closed at DOW 10,687 and 5 day RSI closed at 60.91 so we have clear downside action ahead before oversold levels come into play inlike oversold levels in many tech indices. For DOW, we have elasticity before 10,336 comes into play... Maybe sooner than we expect.. Are these indicators you watch still green? Best Regards, J.T.