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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Teresa Lo who wrote (18240)	6/24/1999 12:48:00 AM
From: Teresa Lo	Read Replies (1) \| Respond to of 99985

Market SnapShot for Thursday, June 24, 1999 The September S&P futures opened gap down yesterday and spent the day in a consolidation. It tested intraday support in the 1335 area. From here the market has two near term targets. If 1335 holds support and rallies from here, then we will be watching for sellers should the market go back to test the recent high at 1365. If 1335 does not hold, then the target is the unfilled gap in the 1325 area below. At this time the 20-period exponential moving average from the 45- and 135-minute charts are both immediately overhead and contained today's bounce. We will assume that sellers are lurking overhead as the more likely scenario, unless market action proves otherwise. Resistance overhead is at 1346-1348, 1365, 1368.50 and 1392-1394. Support is at 1340 1337, 1325, 1320, 1300.50 and 1290.50. The September Treasury Bond futures closed on another twenty-day low. With the last 20-day low made a week ago, if downward momentum cannot immediately carry the bond lower today, then this may set up a Raschke Turtle Plus One/Trader Vic 2B bottom buy signal. For more information on the Linda Raschke's Turtle and Trader Vic's 1-2-3 set up, please refer to intelligentspeculator.com. Charts specific to these comments have been posted to intelligentspeculator.com