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Recap. of 8/30/99-Sell Pivots for Nasdaq and S&P were hit with
reasonable profit potential.
Pivot Point Buy for S&P = 1345.5; Sell = 1315.1
Pivot Point Buy for Nasdaq = 2409; Sell = 2351
The difference between the 5 day and 3 day oscillator is bearish for
both the S&P and Nasdaq.The 5 day oscillators are neutral.This
indicates to me either a rebound day or more to the downside.
I would decide based upon the pivot strike.The pivots in this case
have less credibility as prior due to the range of 8/30/99 being so
wide.That would also build a case for a choppy no trade day because of
the chance the pivots are not struck.The sell pivots are closer to
being struck than the buy pivots.
The CME charting site continues to read most of its indicaters as
"EXTREMELY BULLISH" although hinting a reversal which to the site
means down.
If 8/31/99 opens strongly to the upside above Mon. close then I would
expect the buy pivots to be hit.If it opens strongly below Mon. close
it could continue to be a sharp drop.I personally would only enter on
a strong move one way or another rather than a lackadaisical one.
As always it could go either way but some barometers help.
John
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