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The S&P futures are almost inscrutable. My daily chart indicates a failed
rally 3/18-3/19 which found in the upper 1/2 of the former trading range.
Best guess is that we'll see another attempt at the 3/19 high which I would
expect to fail.
Earl
-----Original Message-----
From: Bill Bancroft <bbancroft@xxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, March 25, 1999 9:24 AM
Subject: S&P Fakeout?
>I tried attaching a daily chart of the June S&P 500 futures contract,
>but it was rejected as being too large. Anyway, if you draw two
>trendlines that mark the boundries of the trading range that occurred
>earlier this year, you will see the market achieved an upside breakout
>in the beginning of March. Tuesday's action brought prices back into
>the trading range. The sell-off found support in a gap made around the
>1265 level.
>
>My question is: if it wasn't able to breakout to the upside, doesn't
>that raise the probability of a breakout to the downside? A target
>would be the lower trendline which is between 1235 and 1240. Comments?
>
>Bill Bancroft
>
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