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Strategies & Market Trends : today's chart
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To: Claud B who wrote (986)8/1/1998 1:47:00 PM
From: Claud B  Read Replies (1) of 1267
 
***CHARTS UPDATED***

I've posted 4 charts this week and there isn't much good to be said.

The Bonds and the Dollar still look OK but for those watching the
September Bond
Futures contract, the area around 121.24 must hold or we can really be
in big trouble.
(I indicated that area with a line on the chart.

While the Summation Index has resumed it's decline, the best we can hope
for here
is some kind of lateral (trading range) movement. Notice that although
the 5 and 10 day
MA's have turned back down, the 40 day MA is about to cross the 50 day
MA. This
suggests to me that we could be setting up some kind of lasting reversal
to the upside
sometime in early September.

The Russell 2000 looks terrible and appears to be heading toward the 385
area.
'nough said.

I've added the VIX this week because the way I read it, we could see a
very sharp
and quick drop in the S&P immediately ahead. This would be not long
lasting but
deep in any case.

All have a good week.

ClaudB

pw1.netcom.com
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