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

To: J.T. who wrote (4763)	10/4/2000 5:28:27 AM
From: UnBelievable	Respond to of 19219

Good Post To everything there is a season. Bear markets turn bears into bulls and bulls into bears. As a very good friend of mine once said "like it or not, change is with us to stay". PS I think the rule about nothing moves in a straight line still applies <gg>

To: J.T. who wrote (4763)	10/5/2000 12:20:03 AM
From: J.T.	Read Replies (2) \| Respond to of 19219

Rydex Total Assets Update for Wednesday, October 4th: Regular Series: SPX Long - NOVA 492 Million SPX Short- URSA 270 Million NDX Long - OTC 2,870 BILLION NDX Short- Arktos 118 Million XAU Precious Metals 27.8 Million Money Market 1,306 BILLION ********************************************** Dynamic Series (200% correlation to index): SPX Long - TITAN 81.1 Million SPX Short- TEMPEST 32.5 Million NDX Long - VELOCITY 83.2 Million NDX Short- VENTURE 56.7 Million ********************************************** The market did not have to deal with another upside gap albatross out of the blocks this morning and was able to get that bounce to stick into the bell from oversold levels. That said, I have posted numerous times how SPX 1,440 support must hold over the past few weeks and now this support has become resistance. Today we hit an intraday high of SPX 1,439.99 only to turn back to close at SPX 1,434.32. We have had one false upside close above SPX 1,440 on 9/28 when we closed at SPX 1,458 only to close back below this level the next day at on 9/29 SPX 1,436.51. While we may book a close above SPX 1,440 tomorrow, we need a second follow thru close above 1,440 to validate the first close above this level, if it is even going to materialize. Now today we get the bounce in tech from oversold levels, but notice how BKX and UTIL turn back down from near 52 week highs. This is the very reason why the SPX was only up 7 + points. UTIL must be watched very closely in here as we booked a higher high all time high double top at UTIL 401.47 on 10/2 after a previous all time high of UTIL 397.04 on 9/15. In 2 quick trading days since we are below the converging 25 and 13 day MA 383/385 level to close at UTIL 382.07 down 11 down 2.86%. A second consecutive close below UTIL 383 will raise a warning flag for the SPX and DOW and bring an immediate double test back to its 50 day MA UTIL 367 level tested and held back to back on 9/20 9/21. Likewise, BKX after hitting 52 week high on 9/11 at BKX 918.09 we approached a double top yesterday close at BKX 913.60 only to turn back down today to close at BKX 896 and change down 17 - 1.91%. BKX must stay above its 50 day MA BKX 870 but first will test 25 day MA BKX 887+ that was registered on 9/29. If BKX and UTIL continue to move in tandem down tech slowdon in earnings will catch up to NDX and SPX and we will register lower lows. Best Regards, J.T.