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Ira, Norman, BobR,
Actually my mistake. Norman and Ira were talking
about SPX 1174. I saw the SPU1 at 1174 yesterday.
SPX low was 1169. You're right Norman, call goes to
you. Now if I could only believe.
Taking a cue from BobR: SPX 1169 looks to me like the
neckline (or is it through the ears?) of the inverted
head 'n shoulders of the Mar/April low. Immediate
overhead resistance at 1221 (SPU1 1227) is a trendline
from the 5/22 high. Above that is the main neckline
at 1241 SPU1 (1247 - 48).
Don't forget the downside: immediate support at SPU1
1203 and SPU1 1197. Below that and it could get ugly.
--- Bobh <bheisler@xxxxxxxxxx> wrote:
> That's great but doesn't help Bruce much nor answer
> his question.
>
> I don't believe there is anything mysterious about
> 1174 on the S&P futures.
> If you look at a longer term cash chart and go back
> in the middle April
> timeframe you will see a little double bottom at
> 1167. This area also
> corresponds to a larger double bottom on the NDX,
> and was the last higher
> low put in before the last not-so-surprise rate cut.
> (current fair value is
> around 6.5 pts).
>
>
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