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Pastimes : Tidbits
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To: Didi who started this subject8/11/2000 10:02:38 PM
From: Didi   of 1115
 
"Cherney on the Markets"--S&P: "Friday's Reversal Looking Pretty Good"

personalwealth.com

Edited for ease of reading.

>>>Friday August 11, 2000 (4:38 pm ET)

Friday's Reversal Looking Pretty Good

By Paul Cherney, S&P Market Analyst

NEW YORK, Aug. 11 (Standard & Poor's) - Thursday and intraday on Friday saw excessive Put/Call ratios generated at the CBOE and similar readings in the recent past have often preceded equity index advances.

Friday's lows may represent short-term reversal points and the beginning of a 5 to 7 day leg higher which tests resistance.

Immediate NASDAQ
...support is 3744-3723, then 3735-3643, which makes the 3735-3723 area a focus of support.
...The NASDAQ is testing immediate resistance in the 3779-3806 area. The next layer is 3819-3845.
...A brick wall of resistance appears likely in the 3871-3937 area. (But see Intermediate term comments below.)

The S&P 500
...has overlapping supports: 1463-1450 and 1454-1430, which makes 1454-1450 a focus of support (Friday's low print was 1453.06).
...Immediate resistance is 1472-1490, resistance becomes thick with prints of 1488 and higher.

INTERMEDIATE TERM (potential action over the next 2-4 weeks):
...The daily charts based on NASDAQ prices show buying support in the 3765-3620 area.
...Resistance begins with prints of 3988 and higher.<<<
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