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G.John Boggio wrote:
>
> Realtraders,
>
> Earlier today I posted the below message. It is now 3:15 est and the
> market has now rallied 10 S&P points or 93 Dow points and is now hitting
> the below mentioned downward trendline. On my 15 min charts, I am
> 'beginning' to get some negative divergent sell signals suggesting a very
> short-term pullback is possible in the next several hours.
>
> Further, based on my symmetry wave method of analysis, our pullback could
> measure approximately 8.70 S&P points +/- 1.75 pts or a pullback of 6.95 -
> 10.45 points from "todays" high which is 978.63 (so far). However, if we
> move marginally higher than this level, just use that new high as your top
> and recalculate the projected symmetrical decline.
>
> Finally, on the 15 min futures chart, I see a smaller symmetrical wave
> structure which measures approx 700 basis points so we should also pay
> attention to this magnitude as well.
>
> Hope this helps
> John Boggio
> PS. BTW, this MOTW (Market of the Week) stuff was created so that we can
> get GREATER participation from our members. So far, there have only been a
> few responses...what's the deal??? Would everyone rather talk about
> Clinton and someone else's system or should we discuss TRADING AND
> TECHNICAL ANALYSIS!!! In my opinion, the primary reason why this forum was
> created.
>
> Let's get back on track!!! Do others agree???
>
> 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
> >
I read this as either distribution since October, or congestion along the way. If we
break 1000 on the SP, and the floor guys will certainly love to do this, and then
hold it for three minutes, floor saying is that chances are 1000 will hold for 3
hours, and then three days. I'd bet for 3 weeks minimum up, next, this move is too
complex to be a reversal. BUT THAT IS ONLY AN OPINION.
Gwenn
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