Key Technical Numbers
Good
morning, all of you hardcore traders who brave the narrow range and
illiquid markets this week. I will only
be providing the KTNs today and tomorrow and
will be off on Friday.
Key
Technical Numbers
| S&Ps | Nasdaq |
| 1161.47Â Â Â Â |
1615 |
| 1151-53Â |
1605-08 |
| 1147 (key) |
1595 (confluence) |
| 1141.6 (confluence)Â Â Â Â |
1582 |
| 1132 (key) |
1576-77 |
|
1128 |
1560 (major confluence) |
| 1121 | 1543 |
| 1112 |
1516 |
Keep an eye on the Semiconductor Sector Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), as it is hovering just below its 50-day moving
average. The market has been taking its
cue from the SOX and I see no reason to think any differently.
Also, one other thing to keep in mind, J P
Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating) is continuing to divulge their “true†exposure
to the Enron
(
ENE |
Quote |
Chart |
News |
PowerRating) debacle. If in fact
this thing comes to a head and we find that several other banks have not been
forthright with regards to their exposure to Enron, you may see the Bank
Stock Index
(
$BKX.X |
Quote |
Chart |
News |
PowerRating) become the leading indicator intraday.
Look for 847 and 844 to be key support levels.
As always, feel free
to send me your comments and questions.