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John, your views on a breakout are well founded at least for Monday. A one
standard deviation move would take the spx cash to R2 on the Statistical
pivots near the R2A on the Classical pivotts.
R1A = 985.24
R2A = 990.20
R3A = 995.16
BobR
At 08:47 PM 2/1/98 -0500, G.John Boggio wrote:
>Realtraders,
>
> Currently it is Tuesday morning around 8:35 EST and the globex futures
>are up 14 to 15 points.
>
> Last week as many of you know, we discussed this market and in particular
>the area between the downward sloping trendline and the old highs. After
>finding resistance at those old highs, as expected, the market moved back
>down to the above mentioned trendline and consolidated. This downward move
>appears to have strengthened a base, so that this market can go higher.
>Given that the globex looks very strong, it would appear that we are going
>to run those stops which are located just above the 1000 mark on the S&P
>futures.
>
> Therefore, in short, I am expecting a pretty good day today. Further,
>based on todays close, I believe today will also determine if we are going
>to have an explosive breakout of the trading range (flag formation) that we
>have been in for several months.
>
>Hope this helps, any other thoughts.
>John Boggio
>
>
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