|
PureBytes Links
Trading Reference Links
|
<x-html><html>
<font size=3>Realtraders,<br>
<br>
The other day I wrote the below commentary. So far, the
market has performed as expected. Attached is a chart of the
S&P Sept Futures on a 15 minute basis. Keeping it simple, we
have approached the SHORT-TERM worst case scenario that I discussed the
other day (Sorry for the conversion from the OEX to S&P but analysis
is very similar). Many of my indicators and oscillators are
oversold and becoming divergent on both the 15 and 60 minute
charts.<br>
<br>
Therefore, an early enter buy signal can be taken at this time
with a protective stop at 135400. Personally, I am looking for a
bounce back to the 137600-138000 level before we see some backing and
filling. Based on this short term analysis, I suspect an
intermediate bottom is NOW forming and could lead us to a retest of the
old highs in the next few weeks (unless the stop is taken out which would
induce further analysis).<br>
<br>
Food for thought,<br>
John Boggio<br>
PS As always, this is NOT a trading recommendation but just my humble
opinion.<br>
<br>
At 02:52 PM 7/20/99 -0400, G.John Boggio wrote:<br>
>Realtraders,<br>
><br>
> Attached is a 15 min chart of the OEX. My short term
work is indicating<br>
>that we are fast approaching a support zone in the market. This
analysis<br>
>is based on symmetry wave of previous declines (see parallel white
lines on<br>
>chart), as well as Fibonacci support in the 710 area. Finally,
take a look<br>
>at the 14 period RSI, it too is looking for a temporary bottom from
these<br>
>levels.<br>
><br>
> Going forward, look for a bounce over the next few
hours. I expect<br>
>resistance between 716 - 719 followed by another retest of the 710
level.<br>
>This retest very well could fail but should be contained with a
SHORT-TERM<br>
>worst case scenario of approximately the 690-700 level on the
OEX.<br>
><br>
>Food for thought,<br>
>John Boggio<br>
>PS Please note, this is a short term analysis and should be
valued<br>
>accordingly. This is not a trading recommendation<br>
><br>
</font></html>
</x-html>
Attachment Converted: "c:\eudora\attach\sp072299.gif"
|