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

To: Daveyk who wrote (4630)	9/22/2000 3:28:15 PM
From: J.T.	Respond to of 19219

Dave, NEM failure to stay above its 5 day MA of 17.04 is bearish short term. This will be back to back closes below the 5 day MA and sets it up for further failure ahead. 5 day rsi is only at oversold 30.74. I think NEM if it closes at 17 or lower today can have 5 day rsi levels reach into the teens below extreme oversold before a bounce materializes. We need a close at above 17 1/16 to turn back up TODAY. Gold bullion up a second day in a row another a positive +$1.70 today to $271.40 on back of yesterday + $1.30. XAU now at XAU 49.68 after intraday high of XAU 50.89 still probing bottom but a break of XAU 48.65 close opens the door to XAU 44 area intraday before the bounce. I will go into more depth on the XAU this weekend. Best Regards, J.T.