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Re: MKT - Market finding support. 072299



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<font size=3>Realtraders,<br>
<br>
&nbsp; The other day I wrote the below commentary.&nbsp; So far, the
market has performed as expected.&nbsp; Attached is a chart of the
S&amp;P Sept Futures on a 15 minute basis.&nbsp; 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&amp;P but analysis
is very similar).&nbsp; Many of my indicators and oscillators are
oversold and becoming divergent on both the 15 and 60 minute 
charts.<br>
<br>
&nbsp; Therefore, an early enter buy signal can be taken at this time
with a protective stop at 135400.&nbsp; Personally, I am looking for a
bounce back to the 137600-138000 level before we see some backing and
filling.&nbsp; 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>
&gt;Realtraders,<br>
&gt;<br>
&gt;&nbsp; Attached is a 15 min chart of the OEX.&nbsp; My short term
work is indicating<br>
&gt;that we are fast approaching a support zone in the market.&nbsp; This
analysis<br>
&gt;is based on symmetry wave of previous declines (see parallel white
lines on<br>
&gt;chart), as well as Fibonacci support in the 710 area.&nbsp; Finally,
take a look<br>
&gt;at the 14 period RSI, it too is looking for a temporary bottom from
these<br>
&gt;levels.<br>
&gt;<br>
&gt;&nbsp; Going forward, look for a bounce over the next few
hours.&nbsp; I expect<br>
&gt;resistance between 716 - 719 followed by another retest of the 710
level.<br>
&gt;This retest very well could fail but should be contained with a
SHORT-TERM<br>
&gt;worst case scenario of approximately the 690-700 level on the
OEX.<br>
&gt;<br>
&gt;Food for thought,<br>
&gt;John Boggio<br>
&gt;PS Please note, this is a short term analysis and should be
valued<br>
&gt;accordingly.&nbsp; This is not a trading recommendation<br>
&gt;<br>
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