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Non-Tech : NOTES
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To: Didi who started this subject11/23/2000 9:22:56 PM
From: Didi   of 2505
 
Cherney, S&P: "Any Upside Is Limited"

personalwealth.com

>>>Wednesday November 22, 2000 (5:12 pm ET)

Any Upside Is Limited

By Paul Cherney, S&P Market Analyst
NEW YORK, Nov. 22 (Standard & Poor's) - The markets are waiting for a final judgement in the presidential election.

Any equity advance should be nothing more than a short-covering rally. Short-covering rallies typically last 1 to 4 trade days but can see prices move violently higher in a short amount of time.

Concerns about future revenue growth for many of the high techs should act as a governor for any advance (limiting the upside).

The very best I can imagine the indexes advancing in an initial thrust off the bottom would be tests of the brick walls of resistance mentioned in the techncial price levels below this commentary.

For the NASDAQ:
...there is a huge band of support in the 2965-2224 area which represents January through October trading during 1999.
...Intermediate term downside (1 to 3 weeks) appears limited to the substantial band of support in the 2965-2670 area.
...The next layer of support for the NASDAQ is 2734-2590. This makes the 2734-2670 area a focus of support.

Immediate NASDAQ resistance is 2839-2950.
...Layers of resistance for the NASDAQ are as follows: 3000-3046 then 3108-3207.
...The NASDAQ has a brick wall of resistance 3310-3476 focus 3362-3430.

The S&P 500:
... has immediate resistance in the 1342-1356 area.
... The index has additional resistance in the 1373-1396 area.
... The brick wall of resistance is 1411-1439.
... Immediate S&P 500 support is 1309-1280.

Chances are increasing that by Monday, we will have a definitive idea of the next president elect and I think that should move stocks higher for a couple of days (in a short-covering rally).

I will be taking a vacation day on Friday.<<<
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