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To: Didi who started this subject	8/7/2000 6:38:26 PM
From: Didi	of 1115

"Cherney on the Markets, Downside Appears Limited"--S&P... personalwealth.com Edited for ease of reading. Monday August 07, 2000 (4:42 pm ET) >>> Downside Appears Limited By Paul Cherney, S&P Market Analyst NEW YORK, Aug. 07 (Standard & Poor's) - On a short-term basis, both the NASDAQ and the S&P 500 are registering overbought conditions. Some consolidation of the gains created from Thursday's intraday low would be perfectly natural at anytime. Downside appears limited. NASDAQ intraday support is 3853-3828 with a concentration of support in the 3847-3838 area. The next layer of support is 3822-3795. If the NASDAQ were to break above the current resistasnce level (3841-3900), then resistances are stacked in a stairstep fashion: 3917-4030. The S&P 500 has overlapping supports: 1463-1450 and 1454-1430. Immediate resistance remains the 1488 level. The line of least resistance appears higher.<<<

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