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Recap. of 8/27/99-Sell Pivots for Nasdaq and S&P were hit with
reasonable profit potential.
Pivot Point Buy for S&P = 1364.2; Sell = 1344.8
Pivot Point Buy for Nasdaq = 2433; Sell = 2390
The difference between the 5 day and 3 day oscillators are bearish for
both the S&P and Nasdaq.The 5 day oscillators are slightly bullish but
rate of increase has declined.
A Realtrader forecast by Goldstein for the S&P calculates a target for
the S&P at 1129.8 level in October.
An attempt to use that methodology for Nasdaq estimates a target of
1924 to 1774 in October to the end of year.In its most recent attempt
the index failed to exceed the 2490 top.
All that being said the CME charting site continues to read most of
its indicaters as "EXTREMELY BULLISH".
If 8/30/99 opens strongly to the upside above Fri. close then I would
expect the buy pivots to be hit.If it opens strongly below Fri. close
it could be a sharp drop.
As always it could go either way.
John
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