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No question that we are at strong resistance here (1030 mountain) as we are
up against both the fib projection at 1082 and the upper channel at 1092. It
seems to me that all of the recent intraday corrections have tended to
wander sideways and the thrusts have tended to spike up. Based on the
pattern so far I suspect we may consolidate sideways and spike on through
the resistance. I'm unwilling to short into this strength, however I'm
currently flat on both position and day trade basis.
Earl
-----Original Message-----
From: G.John Boggio <boggio@xxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Tuesday, October 20, 1998 7:31 AM
Subject: MKT - S&P 102098
>Realtraders,
>
> It is approximately 10 minutes before the open and the S&P futures are
>indicating an up opening of approx. 8 points. This would put the futures
>at around 107900 (SPZ8). My short term work is indicating that the market
>is now getting overbot based on the rally of approximately 150 S&P points
>or about a 1000 point gain in the DOW.
> If you take a look at a chart, you will see that the previous rally
>stalled on 9/24/98 at this 107900 level. As such, I suspect we will find
>resistance based on this classical horizontal line. Finally, many of my
>indicators and oscillators have reached overbot and divergent levels.
>Thus, after this mornings open, we may begin to see a pullback which should
>result in a "backing and filling" situation which should last at least
>several days.
>
>Just some thoughts,
>John Boggio
>
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