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

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To: Tom Trader who wrote (37242)	10/18/1999 2:08:00 PM
From: Chip McVickar	Read Replies (1) of 44573

Hello Tom, There are no serious fork median lines at these levels of 1235-1242 on the SPX...there are tines somewhat lower around 1200. There are a series of thm in the 1250-60spx area. There is a Fib .382 retracement off the August high here at 1235 Also a 300 day moving average at 1242spx There is another indicator I've just started using which targets the 1235 SPX area for a reversal. On the DJIA 10,000 is of course very powerful and there is one very strong fork at 10,000. I believe the DJIA is supporting the Indexes and futures. Yes, I would agree any close below the 1250ñ SPX would put serious strain on the technical charts. Also I would expect there is a lot of margin calls going out on these highly leveraged trading accounts. I also believe this is the month that major brokerage house accounts and mutual funds lock in profits for the year. Greenspan helped a lot. After this scare is past the markets should climb into November and sell off again into December. I'm also expecting a lot of international financial turmoil for the first quarter in 2000 and maybe into the 2nd. Chip

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