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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Petz who wrote (116672)	6/20/2000 11:15:00 AM
From: chic_hearne	Respond to of 1571124

Re: timing the market Petz, Here's another one: Bernie Schaeffer: Is The Technology Market Poised To Push Higher? 6/20/2000 7:40:00 AM Are we seeing more than a short-term turn in the market? Some of the technicals I've been watching and had mentioned in the past are seeing signs of a turnaround. The first is the September S&P 500 Futures (SP/U0 - 1504.80) and the 1500 level. This level acted as resistance on most occasions since mid-April (see the chart below). Yesterday, the SP/U0 closed above 1500 and is once again using this level for support so far today. The Euro (EC/U0 - 0.9617) has also been important of late with respect to its 10-day moving average. We've noted in the past that the Euro has an inverse correlation to the market, so a move below this trendline is a positive sign for the market. On June 15, the Euro closed below this short-term trendline only to rally back above it the following day. So far this morning, the EC/U0 has been trading below its 10-day moving average, which is currently at 0.9640. Two days of closing prices below this key trendline will indicate more of a shift to the downside. These positive signs have translated over to the Nasdaq Composite (COMP - 3989.8) and the Nasdaq-100 Trust (QQQ - 98). Yesterday, the QQQ closed above the key 95 level, which has served as resistance since early April (see the chart below). Also of significance is the 96-97 area, which represents the 50-percent retracement from the high in March at 120-1/2 to the low in May at 72-1/4 (see line in the chart below). Yesterday's close above this area is a sign of strength for this technology heavy market. Option activity is also showing us that there is little in the way of overhead resistance, as there is a lack of July call open interest. Schaeffer's put/call open interest ratio (SOIR) on the QQQ rose to a level of 2.45 yesterday. Friday's reading was at 1.75. In addition, the percentile ranking also jumped from 10.8 percent to yesterday morning's register at 33.3 percent. Along with Monday's rally in the QQQ, many analysts were quoted saying that the lack of volume is a "caveat" for the Trust. It's interesting that analysts can always find a "hook" to keep people from jumping on board when it's about to make a big move, and we're now questioning if the volume can be that "hook." For more information on SOIR, please visit Schaeffer's Daily Sentiment. The tech sector has been rallying for three days in a row, and the key tech indices are pushing major levels. Yesterday, the COMP pushed to its intraday high at 3990, and the September Nasdaq 100 Futures (ND/U0 - 4000) rallied to a high at 3999 on Monday. It will be important to see if this rally can extend to its fourth day, and the COMP can ND/U0 can push solidly past the 4000 mark. schaeffersresearch.com