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

To: Teresa Lo who wrote (19539)	7/12/1999 3:36:00 AM
From: Teresa Lo	Read Replies (2) \| Respond to of 99985

Morning Market SnapShot for Monday, July 12, 1999 The market is reaching a very important turning point this week. The bond market is testing resistance in this area. It will be psychologically supportive to the stock market to see bonds rally and put inflation fears behind it for the time being and concentrate on earnings reports. The stock market basically spent last week consolidating the move above the old high old April/May highs. It must now deliver upside if it is to keep momentum. Looking at the 45-minute chart of the September S&P futures, we can see that the ADX has been dropping since July 6, consolidating gains made after the FOMC announcement. We would expect the all time high of 1417.50 to be tested shortly. Failure to move decisively higher will bring a test of key support at 1395.20 Charts specific to these comments have been posted to intelligentspeculator.com