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To: Mr. Miller who wrote (1128)	2/24/1999 9:47:00 AM
From: Platter	Read Replies (1) \| Respond to of 3198

From TheStreet.com,...Technical Barriers Pose Market's Next Test By Justin Lahart Senior Writer 2/24/99 9:13 AM ET On Jan. 29, the S&P 500 closed at 1279.64 -- its best close ever. The intraday high on that day was 1280.37. Yesterday morning, the S&P 500 climbed to 1280.38 and then dropped back. You may not believe all that much in technical trading. You may scoff when chartists talk about moving averages and support levels and teacup patterns and the like. But yesterday's action shows that at least some people out there -- probably the people who trade S&P 500 futures contracts -- believe in technicals at least to the point that they are going to get nervous when the S&P gets up to 1280 or so. Stocks look strong this morning. The market may again knock on 1280's door. And if it can get through that level, if Monday's move really had the springs some people think it had, stocks may finally pull out of the mire they've been caught in for nearly two months. "As long as we get the bonds stable, I wouldn't be surprised to see a pretty strong move through the highs," said Bill Meehan, market analyst at Cantor Fitzgerald. "There's enough pent-up demand." Meehan thinks that the move could have legs. We are still a way away from confessional season -- the period when companies warn on earnings -- and there is a lot of money sloshing around, looking for a home. "If we do pick up some steam, that will attract some more money into equity funds," he said.