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

To: J.T. who wrote (5304)	11/24/2000 11:29:39 AM
From: J.T.	Read Replies (1) \| Respond to of 19219

Wednesday was the one day false break for the many key market indices and finally saw the whites in the eyes of longs. Rydex registered this capitulation as it booked new lows in SPX and NDX Long total assets. BKX- I noted the key double take support that froze em like deer- magic BKX 780 as it closed perfectly below this level at BKX 774-775 area. The Backtest: From MITA 5292: ...<Today is critical for BKX to hold above BKX 770 which is elasticity below 780, but ideally close above BKX 780. If we get this level above BKX 775+ around one half hour before the close- I will go long 100% the SPX NOVA Fund before todays close. If we are below BKX 770 one half hour before the close - I will book my XAU profit and move to money market going into friday. We are now below death row support BKX 780 at BKX 773.50 down 23 down 2.87%>... ---------------------- SOX- In a previous post I noted SOX 640 critical support and we closed desively below this level and today we are back above it. NDX- I noted NDX 2,750 and Weds we got the one day close below this level and today we are above it. First it was the intraday low test - then the retest- then the one day take-out close test below this level Make no mistake about it: Wednesday was a ONE DAY ISLAND TAKE-DOWN to WASH EM ALL OUT. TODAY IS THE REVERSAL. MONDAY CONFIRMS THE REVERSAL WITH DFOLLOW_THRU.- WHICH I THOUROUGHLY EXPECT WILL HAPPEN. Bettrer to be potentially 1 day to early going in than 1 day too late witness today. Best Regards, J.T.