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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Teresa Lo who wrote (29740)	8/6/1999 11:12:00 PM
From: nelli	Read Replies (1) \| Respond to of 44573

T I love your web site! Thank you for taking the time to share your knowledge. I look forward to your commentary each morning and evening and I am telling everyone I know about your site. What a treasure... Reminds me of finding Briefing.com years ago! Regards N

To: Teresa Lo who wrote (29740)	8/13/1999 4:45:00 AM
From: Teresa Lo	Respond to of 44573

A Review of the Major Market Indices Morning Market SnapShot for Friday, August 13, 1999 After completing a double bottom on August 10, and confirmed by an ?up? day on August 11, the S&P 500 index continued upward yesterday but reversed direction on the close. Where can it go now? Resistance overhead is at the 20-day exponential moving average (EMA) in the 1328 area, and that number remains the first target for this bounce; however, in steep downtrends like the this, often we will observe two or three day countertrend bounces before the market resumes it course in the prevailing direction. The key is yesterday?s low. If it is broken, it will signal lower prices ahead. The NASDAQ 100 index did not test the June low this week before it proceeded to bounce along with the S&P. Yesterday, it traded into the 2250 area where both the 20-day EMA and the 50-day MA supplied resistance overhead, and reversed to close lower than the day before. If yesterday?s low is broken, then this will mark the end of a period of consolidation and a renewed move to the downside to test this week?s low. The market needs a catalyst to move it higher or lower. This morning?s Producer Price Index will be the key. Given that Treasury bond futures came within a tick of breaking the June low this week, this is going to be a very important economic number. If the June low is broken on the T bond, it will likely drag stocks down along with it as interest rates have been very closely tied to equities of late. Charts specific to these comments have been posted to intelligentspeculator.com