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Strategies & Market Trends : Tech Stock Options

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To: Tom Trader who wrote (30915)	12/11/1997 10:47:00 AM
From: MonsieurGonzo	Read Replies (1) of 58727

Tom; RE:" SPX 955 level..." I think that the 955 level --which is where the 50dma sits-- on the SPX might provide some support... ...Glad you pointed that out (I don't have the 50DMA on my console). The area is a significant horizontal support on the daily chart as well, Tom. Unless we go inside the intra-day actions, there has been no classical retracement (on the daily bars), after INDU/SPX broke their UpTrend lines. ...if that gets taken out easily we could head quite a bit lower. Lots of clutter, though - unless there is a panic, which seems unlikely; SPX ~945, then SPX ~937. OTOH, lots of resistance at SPX 965 +/- 2.5 ...a kind of belthold line on the candlesticks. -Steve

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