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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Temple Williams who wrote (40201)1/29/2000 6:24:00 AM
From: Tom Trader  Read Replies (3) of 44573
 
Congratulations on an absolutely superb call!

Now what do you do for an encore??!!

>>Anyway, I see the 1372.00-1377.00 Cash area as important ... a potential launching pad for sharply higher prices in February and early March<<

We have taken out this level quite decisively on a closing basis -- so do you see additional downside?

I was telling someone privately a few days ago that the failure of some of the market leaders (during the recent upswing) to show resilience did not seem to bode well for the overall market. I must confess that I did not expect the extent of the decline that we have seen.

Reading through some of the threads, the fear is almost palpable which causes me to think that we are close to a bottom. I don't see quite the level of despondency and bearishness that has been apparent at other major bottoms --but it is close. We closed a shade above the 200 dma on the spx and it would not surprise me if we saw a wash-out occur on Monday -- especially, with selling brought on by margin calls -- and then a recovery. However, absent that recovery, I see some support around 1337-40 support and then no significant support until below 1300 on the spx.

I would welcome your read given where we are.
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