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

To: Gersh Avery who wrote (36025)	10/11/1999 11:35:00 AM
From: John Pitera	Respond to of 44573

Hi Gersh, some TA commentary from SB today. SP GLOBEX HIGH 1348.50;LOW 1342.00;CLOSE 1344.20 . FRIDAY'S SESSION SAW SP FILL SEPT 20TH/21ST GAP UP TO 1345. AT SAME TIME SP TESTED ITS 40 DAY AND 40 WEEK OR 200 DAY MA'S IN THE 1340-41 AREA. WITH MORE STOCKS DOWN THAN UP THROUGHOUT THE ENTIRE SESSION, AND MORE STOCKS MAKING NEW LOWS THAN NEW HIGHS, FRIDAY'S RALLY WAS MOSTLY TECHNICAL IN NATURE. DURING THE SECOND HOUR OF TRADING THE SP REVERSED ITS NEGATIVE HOURLY PATTERN TURNING ITS HOURLY PRICE PATTERN AND MOMENTUM BACK TO POSITIVE. SP DAILY PRICE PATTERN AND MOMENTUM REMAIN POSITIVE. CLOSING ABOVE THE 1338-1345 RESISTANCE ZONE TURNS THIS INTO SUPPORT. WITHIN THIS ZONE IS 1343-45 AND UNDER 1342.50, TEST 1338-1340. UNDER FRIDAY'S FIFTH HOUR 1337.50 LOW, SP'S SHORT TERM HOURLY PRICE PATTERN TURNS NEGATIVE ONCE AGAIN. AS LONG AS 1337.50 HOLDS ON TESTING, THE HOURLY PATTERN REMAINS POSITIVE. RESISTANCE NOW STANDS ABOUT 2% OVER SP 21 DAY MA IN THE 1348-1352 AREA. THIS WAS FRIDAY'S LAST TARGET AREA. OVER 1352.50, TEST 1354-55. OVER 1355.50, 1358-1360. FAIR VALUE+1097;BUY+1257;SELL+937.