DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: Teresa Lo who wrote (1652)	7/8/1999 2:59:00 AM
From: Teresa Lo	Read Replies (1) of 18137

Market SnapShot for Thursday, July 08, 1999 The market spent a day in consolidation mode yesterday, with the September S&P futures set to do a test of top. Resistance above is at 1411.90 and 1417.50. Key support is 1395.20, with additional support around 1385. If the SP9U trades back into the 1390 area on volume, traders may conclude that the recent advance is a false breakout. For most of the major market indices, today was a day with the narrowest trading range in over a week. This type of narrow range day indicates hesitation or consolidation and usually precedes a day with a large trading range. In particular, the September Treasury bond has made four inside days in a row since June 30 at resistance at the 20-day moving average. Traders are waiting for a break in either direction and will get on board as soon as a new trend emerges. Expect decisive action shortly. Charts specific to these comments have been posted to intelligentspeculator.com

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