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

To: J.T. who wrote (10443)	2/15/2002 12:34:59 PM
From: High-Tech East	Respond to of 19219

<<Bulls have wrestled back control of DOW, SPX and SOX>> ... bingo, J.T. ... and that is exactly the struggle here ... "wrestled" is the right word ... all three indexes could easily get "wrestled" or "reversed" to the down side (back down on the mat, if you will) based on where they are on their respective charts ... Ken Wilson

To: J.T. who wrote (10443)	2/15/2002 1:24:07 PM
From: J. P.	Read Replies (1) \| Respond to of 19219

Well, IMO depends upon your timeframe. It was a good chance to snag a quick buck on the upside last Friday through this Wednesday, but I'd say it's easier for the OEX to go lower than higher from here.... stockcharts.com[m,a]daclyyay[dc][pb50!b200][vc60][iUi14,3!Lh14,3]&pref=G On the 6 month daily chart you can see that the OEX is sagging lower and lower below the moving averages, which at one point it tried and failed to break through. Sure there was an oversold reaction and it popped a bit from a 5 day selloff, but it looks like it's breaking down again. Plus a crossover with the fast stochastics, which is bearish, but not a definitive indicator....I'm actually at a loss to see anything bullish here, except perhaps a couple of contrarian indicators....don't get me started on fundamentals...