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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Teresa Lo who wrote (25837)	6/25/1999 3:23:00 AM
From: Teresa Lo	Read Replies (1) of 44573

Market SnapShot for Friday, June 25, 1999 The September S&P futures was unable to hold support at 1335 yesterday and proceeded to test the gap in the 1320-1330 area. Sellers were indeed lurking overhead at the 20-period exponential moving average from two time frames, namely the 45- and 135-minute charts. What now? 1335, the former support level, should now provide resistance overhead. The 20EMA from the 45-minute chart is at 1336 and the 20EMA from the 135-minute chart is at 1340 where we would expect sellers to materialize again. On the daily chart, it will be very important now for the 1310-1320 area to hold support. If broken, then the market will be in a position to test key support at 1290.50 very quickly. Resistance overhead is at 1335, 1345, 1365, 1368.50 and 1392-1394. Support is at 1320, 1300.50 and 1290.50. The September Treasury bond futures closed on another twenty-day low yesterday. There is still a chance that a Raschke Turtle Plus One/Trader Vic 2B bottom buy signal may set up in this area, but the bond must immediately bounce and close comfortably above 113^25 to have a chance at making a possible short term bottom. The Dow Jones Industrial index is nearing key support at 10,400. The Dow Jones Transportation index has broken key support and is casting a bearish shadow upon the market according to traditional Dow Theory. The NASDAQ 100 Index failed to break out on the test of the all time high several days ago and is pulling back after making a Trader Vic 2B top sell signal. The first target of the pullback is the 20-Day EMA, which provides support in the 2,150 area. This area must hold if there is to be another bounce to test the top again anytime soon. Charts specific to these comments have been posted to intelligentspeculator.com

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