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

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To: Teresa Lo who wrote (26465)	7/9/1999 3:21:00 AM
From: Teresa Lo	Read Replies (1) of 44573

Market SnapShot for Friday, July 9 The market did a test of top yesterday as expected but traded within the boundaries of a sideways consolidation. The September S&P futures contract did not go to new high ground. Resistance above is at 1416 and 1417.50. Key support is 1395.20, with additional support around 1390. If the SP9U trades back into the 1390 area on volume, traders may conclude that the recent advance is a false breakout. Most of the major market indices consolidated as well and, on the intraday charts, are in the test of top position. The September Treasury bond, which had made four inside days in a row since June 30 at resistance at the 20-day moving average, broke in both directions before closing up, ready to test the recent high of 116. VIX dropped again yesterday, with 113 new highs and 47 new lows on the NYSE, deteriorating a tiny bit from earlier in the week. If the market is going to go higher short-term, it must do so immediately to hold onto momentum. Charts specific to these comments have been posted to intelligentspeculator.com

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