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

To: J.T. who wrote (4220)	8/29/2000 1:24:29 AM
From: J.T.	Read Replies (2) \| Respond to of 19219

Today we got our first close above SPX 1,510 that I was not anticipating to close at SPX 1,514.09 up +7.63. We hit an intraday high of SPX 1,523.95 before fading into the bell. SPX 5 day RSI is now at 77.59 after smartly above 81 and extreme overbought intraday. Now tomorrow we will find out if this is a one day false break above 1,510 close and we turn back down below this level as I am looking for on our way back to a minimum SPX 1,480 intraday support test or in fact we continue this bull rally on low, low volume. I have been looking for this smart pullback and it has continued to elude me. Tonight we got Rydex Short URSA at 250.7 million asset level- dead on the capitulation number I called for for the turn in the market. Now it is time for the market to respond - SOUTHBOUND. Looking for a minimum 2 day pullback. Best Regards, J.T.

To: J.T. who wrote (4220)	8/29/2000 4:22:09 PM
From: J.T.	Read Replies (1) \| Respond to of 19219

This pullback I was looking for since last week has not started el pronto on monday but el snailo today (tuesday)as we closed down 4.25 to SPX 1,509.84. And since we are now using pennies instead of fractions we did not get that second day back to back "print SPX 1,510 close" to go long. ************************** ...<Message #4220 from J.T. at Aug 25, 2000 3:39 PM This market is exhausted and SPX has run into a major buzzsaw at SPX 1,510. We are now at SPX 1,506.50 and ready to turn down starting el pronto on Monday. I would need 2 back to back closes above SPX 1,510 to alter my view the next leg is a smart pullback down to minimum SPX 1,480 for starters>.... *************************************** Banks and uts weak but brokers strong... Monyanna... Best Regards, J.T.