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Adding to John's comments on the S&P I would like to provide the classical
and statistical pivots for today. The first half hour saw the fall of R1
and R2 zone, now the R1A Classical pivot is being tested.
BobR
At 09:33 PM 1/28/98 -0500, G.John Boggio wrote:
>Realtraders,
>
> Last week we began discussing the S&P 500 as part of the "Market of the
>Week" feature on Realtraders. I apologize for not starting off this week
>with a new security but I guess it is not too late to begin another topic
>of discussion regarding the S&P. The reason why I chose to revisit this
>market is because it is becoming increasingly interesting to follow....We
>may be on the verge of a breakout to the upside.
>
> Attached is a 60 minute chart of the Cash index and what I would like to
>point out is that we are just below the blue downward sloping trendline
>that connects the previous highs since December. This trendline has
>provided significant resistance to this market and if we can get above it,
>it should begin the first leg of a continued rally back to the old highs in
>this market.
>
> Obviously, if this market can DECISIVELY exceed it old highs, it would
>portend a strong rally in the US and possibly world markets that could last
>several months. At this point, it is too soon to tell but I thought I
>would give you my findings at this time and that over the next few days, we
>should pay particular attention to this downward sloping trendline.
>
>Other opinions are encouraged,
> John Boggio
>
>
>
>
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