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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (2585)	8/11/2000 11:02:39 AM
From: John Pitera	Read Replies (1) of 33421

Futures Researc PETER G. GRENNAN (08/11/00) STOCK INDEX FUTURES MARKET COMMENT . Although NYSE advance/decline line was not very weak yesterday, it looks as if the current rally phase from the July 28th 1424 low is over. The cash market should try to rally but the futures are going to have a tough time keeping pace because SP Sep closed with 1405 spread above SP 500 cash index and fair value spread this morning is 755. The fact that sp is holding this overvalued spread on Globex means stocks should open on plus side. However, resistance on SP comes in around its 21 day ma 1480'sh. So we put resistance 1480-1485, so any moves over 1480 are going to be tough to hold. If by chance SP happens to move over 1485.50, target would be 1488-1490. Support looks like in area of yest 1470 target, so call is 1465'sh to 1472. Under 1464.50, targets 1450-1455. Fair Value+755;Buy+915;Sell+595. . STOCK INDEXES TRADING RANGES (08/11/00) ****COMPUTER TRADING RANGES** DJU.(SEP) 10860 - 11080 DJU SPUGLX SPU YXU NDU SPU.(SEP) 1459.00 -1488.00 HIGH 2 11020 1492.50 1490.10 666.47 3752.17 YXU.(SEP) 655.00 - 668.00 HIGH 1 10996 1483.40 1482.20 665.18 3691.33 MDU.(SEP) 495.00 - 517.00 PIVOT 10970 1475.70 1475.10 663.97 3654.17 RLU.(SEP) 491.00 - 514.00 LOW 1 10946 1466.60 1467.20 662.68 3593.33 KVU.(SEP) 1095.00 -1114.00 LOW 2 10920 1458.90 1460.10 661.47 3556.17 NDU.(SEP) 3556.00 -3715.00 OSAKA NKU.(SEP) 15890-16410 MARKET VANE AS OF (08-08-00) 33 VS 30 . 21-DAY M.A. BASED ON YESTERDAY'S CLOSES******* STOCHASTICS SP(SPU) YXU..659.71 SPU..1481.37 DJU..10809.00 NDU..3793.40 . HOURLY DAILY WKLY OEX..799.06 SPX..1468.89 DOW..10731.70 NDX..3759.50 %K 17.03 71.59 49.64 10-DAY TRIN..( .911) SP 500 SEP (SPU) %D 13.55 63.87 56.76 10-DAY NAD...(+1311) FAIR VALUE+755 . BUY BUY SELL DJU FAIR VALUE+54 BUY PROGRAMS+915 . 08/10 08/02 7/28 NDU FAIR VALUE+2313 SELL PROGRAMS+595 . .NASDAQ 100 COMMENT 08/11/00 NASDAQ 100 GLOBEX SYMBOL for SEP (DNU)** . NASDAQ 100 GLOBEX HIGH 3644.50;LOW 3606.00;CLOSE 3609.00 . ND gradually broke and tested lower target levels yest. ND momentum looks weaker than SP. Make support 3590-3620. There's very little support between 3585 and 3500. With Tues/Wed lows being 3691/3687 and yest high being 3715, resistance should be any move into this area. ----------------------- I encourage anyone who has not worked with the 21 day moving average in terms of support and resistance to try adding it to your TA tool kit for a month, and in a variety of markets and let me know what you think of it. John

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