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Realtraders,
Attached is a 15 min chart of the OEX. My short term work is indicating
that we are fast approaching a support zone in the market. This analysis
is based on symmetry wave of previous declines (see parallel white lines on
chart), as well as Fibonacci support in the 710 area. Finally, take a look
at the 14 period RSI, it too is looking for a temporary bottom from these
levels.
Going forward, look for a bounce over the next few hours. I expect
resistance between 716 - 719 followed by another retest of the 710 level.
This retest very well could fail but should be contained with a SHORT-TERM
worst case scenario of approximately the 690-700 level on the OEX.
Food for thought,
John Boggio
PS Please note, this is a short term analysis and should be valued
accordingly. This is not a trading recommendation
Attachment Converted: "c:\eudora\attach\oex72099b.gif"
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