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In a message dated 98-05-18 13:33:49 EDT, mmangia@xxxxxxxxxxxxx writes:
> I am short the S&P 500 futures contract right now (my model has been
> short since last Thuursday night.) Has anyone else wondered why the
> S&P 500 and the futures refuse to go down in this 2 day down move. The
> dow is lower, as is the Nasdaq, and all of the European markets also.
> Everyone keeps talking about the "breadth" of the market being negative,
> but the S&P 500 has limited its downward move, and the futures refuse to
> go down.
Mike
All of the things mentioned in this post lead us to an "I think"
position. Market could care less about all the reasons we think it will do
something. Its going to do whatever it wants. HOWEVER, having said that, I
do note an upward sloping trendline from the 4/27 bottom thru the 5/8 bottom.
This is using daily bars of the S&P which include the globex session. We are
very close to that trendline which is giving some support. Clearly the market
will find support at this trendline, until some point when breaks thru.
Obvious yes. Only question is when. That we won't know until it happens.
May be today, may be next week, who knows.
Pete
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