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

To: High Country Trader who wrote (17276)	6/7/2003 1:12:47 AM
From: J.T.	Read Replies (2) \| Respond to of 19219

Besides the obvious overbought conditions and reversal today, here is another potential warning shot across the bow: The NYSE Members Net Balance Index just recorded their third net selling week in a row thru 5/23/2003 (2 weeks delayed). For the latest reporting week, they sold another roughly 72 million shares. This brings the total to a rough net 222 million shares sold (last 3 weeks). Recall the 2 week massive buy binge ending March 14 (588 Million)and 21 (96.5 Million) and the Bull stampede was on. I have previously mentioned the whipsaw and churn action taking place. Is a pullback next? FWIW, that SPX 965 level(close price) elastic band +/- 20/25 leads me to believe we will see SPX 940/945 test before we can resume this advance: Message 19005101 It feels awkward now that I am entrenched on the short side until some selling pressure is let out of the market. I am a temporarily displaced Bull turned Bear.