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To: Chris who wrote (44153)	5/31/1998 8:36:00 AM
From: donald sew	Respond to of 58727

INDEX UPDATE --------------------------- At this tiem the short-term technicals are in the lower mid-range for the overall market, and a few have already re-entered the oversold region again. The bias is now to the downside, but that does not mean that much since it can change on a dime. With Fridays performance ending stronger to the downside, it appears that the market may be about to TECHNICAL DELAY DIP(DOUBLE BOTTOM) and test the lows of last week. For the DOW thats only about 100 points away which is nothing dramatic in this market. Have noticed that some are calling for a very strong pullback immediatiately beyond last weeks lows; however my technicals indicate that for the immediate short-term (1-3 days), last weeks lows should hold. We also have the month end-rally pressure which should also help curtail a huge drop in the market. Frankly speaking its YO-YO time. If we do test last weeks lows, over the next 1-2 days, then there is a liklihood of a POP to the upside to come by WED/THUR, but again the upside should be limited. Besides my short-term technicals the technical underpinnings are also very oversold and a limited pop to the upside could happen at any time. Seeya