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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Teresa Lo who wrote (26279)6/29/1999 3:16:00 AM
From: Teresa Lo  Read Replies (2) of 44573
 
Market SnapShot for Tuesday June 29, 1999

Yesterday we asked if this was the calm before the storm or if the worst was over.

After the bounce to test the 20-day exponential moving average in the established downtrend, bonds went to new lows last week. We drew a pair of Trader Vic 1-2-3 lines on the daily chart in yesterday's Morning Market SnapShot. The September T bond closed above 114^09 today to confirm that a short-term bottom may have been seen. The next level of resistance overhead is between 115^07 to 116^08.

The September S&P tested resistance overhead on the 45-minute chart at the open yesterday and broke it on a tall white candle. This is considered bullish. Support is now at the low of the tall candle at 1338. Note the 20-period exponential moving average on the 45- and the 135-minute charts are both in the 1340 area, forming support.

Over the past month, the S&P has formed a bear flag on the daily chart. 1310 is key support. A break of 1310 will signal an immediate test of the June 2 low of 1290.50 with a high probability of breaking it on the test. Resistance is at 1348, 1365, and 1392-1394. Support is at 1338-1340, 1325, 1319.10, 1300.50 and 1290.50. Trading will be cautious today given the FOMC is expected to adjust interested rates tomorrow.

Charts specific to these comments have been posted to intelligentspeculator.com
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