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

To: J. P. who wrote (10147)	2/7/2002 3:40:40 PM
From: J. P.	Respond to of 19219

VIX and VXN both going to close above key moving averages on a second day closing basis. Not the whole story in of itself, but compelling. NDX is showing no sign of upside reversal and nearest STRONG support looks close to 1300, weak support at 1400. stockcharts.com[m,a]daclyyay[dc][pb50!b200][vc60][iUi14,3!Lh14,3]&pref=G I know that it's a 50% retracement from the October rally, but the fundamentals have deteriorated IMO. I believe the market is going to go through a profound repricing to "account" for goodwill charges and other accounting tricks. In addition, the economic backdrop remains weak. Even though we are "oversold" right now, it is my belief that there will be further drawdown on the NDX to 1400 and possibly to 1300. I wouldn't go long right now. But that's me and I could be wrong. :)