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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 672.07

-1.7%

4:00 PM EST

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To: pater tenebrarum who wrote (18052)	6/21/1999 12:29:00 PM
From: Les H	Read Replies (1) of 99985

I thought the bond would at least retest 6.13%. 5.94% was a technical support/resistance. The bond market rally was also in part due to BOJ's intervention in the dollar. In addition to the fed rate hike, the Fed could reiterate their bias to tighten. People could take that as a negative and assume more rate hikes. I think if a next leg down from 10,400 could occur, it could also occur after the July options expiry on July 16 if a retest of 10,400 occurs and fails the week prior. Most of the 9-month cycle lows occurred after the options expiry of January, April, July, and October. Didn't the Fed intervene mid-day on October 8 to prevent further decline (and also in November on the Nasdaq's biggest point loss)? The bond market article at the stockcharts.com web site by Rex Takagi is also very interesting.

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