Morning Comments
Thursday July 16 1998

Make a plan and Trade It

Thursday, July 16, 1998
5:25 AM 

On the Frenzied Forex Front

Sept. J-Yen

Nearby Support is 7170 and 7143 to 7135. Beneath that support is 7088 and 7074 to 7063. A close under 7074 augurs for a slip towards 7030 and the 7003 to 6990 region.

Resistance is at 7242 to 7256. Beyond that resistance is 7328 to 7342.

Resistance is at 6673 and 6717. A close over 6673 is friendly for a test of the

Resistance at 6741.

Support is at 6667 and 6637, below that support is 6617 and 6591 to 6577, below that support is at 6556 and 6530 which should contain a break.

Support is at 1.6256 and 1.6150 to 1.6090. Traders can Buy at 1.6150 for a bounce, and hold for higher prices. Below that support should appear at 1.6090 and 1.5936.

Resistance is at 1.6380 to 1.6420. A close over 1.6420 augurs for a test of 1.6550. Traders can sell at 1.6510, risk a close over 1.6550 for three days in a row.

Nearby Resistance is at 5615 and 5623. A close over 5615 is friendly for an eventually rise to 5630 to 5640. However a trade over 5653 augurs for a test of 5688. Traders should go short at 5688 for a quick turn lower. Risk a close over 5729 for two days in a row.

Support is at 5577 then 5565 to 5553, below that support is 5523 and the 5515 to 5492

Support should appear near the 6709 and 6707. A close under 6702 indicates a test of 6673.

Resistance is at 6745 and 6752 then 6792 to 6809. A close over 6745 is friendly and indicates a test of 6802 to 6809

Support is at 292.80 and 290.60 then 288.10, day traders can buy at 288.30, risk

$ 4.00.

Resistance is at 297.20 A close over 297.20 augurs for a test of 300.60 where good sellers should appear. Beyond that a trade to 303.60 is likely.

Support is at 7635 and 7590 below that day traders can buy at 6505 for a bounce, risk 100 pts.

Resistance is at 7700 and 7770, beyond that sellers should appear at 7890, day traders can sell at 7890 for a turn lower, risk 100 pts.

Trade Accordingly,

Nearby Support is at 386.5, day traders can buy at 387 for a bounce, risk $ 5.00 as A slip under 385 augurs for a pullback towards 377 and 365, go long at 365, risk a close under 361 for three days in a row. Below that support is at 356 to 350.5.

Resistance is at 391.5 and 397.5 then 403 and 409. Traders should Go Short at 409 for a quick turn lower. Risk a Close over 412 for two days in a row.

On the Downside: Nearby Support is at 530 then 525 and 521. Traders can buy at 521 and hold. Below that good buyers should appear at 515 to 512 and 498.5 traders should go long at 515 for a good 2 to 3 day bounce. Risk close under 505 for two days in a row.

On the Upside. Resistance is at 539 and 543. A close over 543.5 augurs for a test of 565 and 572

Traders should try to Buy this dip

Support is at 1492 and 1477 below that day traders should go long at 1452 for a good bounce. Risk a trade under support at 1415.

Resistance is at 1502. A close over 1502 indicates a test of the resistance at 1527 and 1542.

Support is at 4698 and 4680. Below that support is 4590 then 4515.

Resistance is at 4790 and 4880. Beyond that resistance is at 4925.A close over 4927 is bullish for a test of the 5090 /5125 region.

* Traders should go long on a close over 4927

Resistance is at 4080 and 4180. Above that resistance is at 4235.

Support is at 3990 and 3907 then 3810. Below that 3743 should hold. Traders can buy at 3748 for a good two to three day bounce, risk a close under 3610 for two days in a row.

Support is at 612 1/2 and 611. Day Traders should buy at 611 3/4 and hold for a good bounce. Risk a trade under 602, below that good support is at 597.

Resistance is at 6251/2, a close over 626 1/2 is friendly for a test of 639 3/4

Trade accordingly.

Support is at 573 3/4 and 572, below that support is at 559 1/2 and 556.

Resistance is at 584 3/4 and 587 3/4, a close over 588 augurs for a test of 601

Which is more likely than not

Support is 161.00 and 160.30. Below that support is at 155.30 and 152.3

Resistance is at 163.10 then 168.30, a close over 168.30 is bullish for another test of 171.10 to 174.50 and 181.

Trade Accordingly.

A close over 2480 is friendly

Support is at 231 1/4 and 228 and 226.

Resistance is at 236 3/4 and 238 1/4. A close over 236 is friendly.

Resistance is at 274 3/4 and 280.

On the Downside Support is at 268 1/2 Below that support should appear at 262 1/2.

Support is at 7207 Below that support is at 7167 and 7157, under that 7080 should hold.

Resistance is 7257 and 7317. A close over 7317 augurs for an eventual test of

Resistance at 7405 then 7720

Trade Accordingly

Support is at 852 to 847 then 841 and 829 beneath that traders can buy at 823, risk a close under 814 for three days in a row. Below that 795 to 782 offer some support.

Resistance is at 877 to 882. Beyond that good resistance is near the 907 to 910 region.

A close over 912 augurs for a test of 932 to 941 Traders should sell at 932 for a turn lower, risk a close over 942 for three days in a row.

On the DownSide, support is 106.80 and 105.65. Below that support is 105.25 and 104.10 then 103.60.

On the Upside, Resistance is at 107.75 and 109.10 to 109.60 then 110.10 to 110.25

A close over 110.10 augurs for a test of 112.35 then 113.00 to 113.60, a close over 113.60 augurs for a test of 116.40 to 116.90

Another close over 106.80 today is friendly

Support is at 1547 and 1536 to 1529 which should hold. Traders can buy at 1537, risk a trade under 1490.

Resistance is at 1567 /1569 then 1576, beyond that good resistance is at 1597.

1609 to 1615 region. A close over 1593 is friendly for a test of 1615 and 1642 to 1655 where traders can go short for a turn lower at 1655, risk a close over 1692 for two days in a row.

Support is at 6202 and 6175, day traders can buy at 6202 for a bounce, risk a trade under 6157.

Resistance is at 6277 and 6322.

Support is at 5027 and 4997

Resistance is at 5097 and 5112.

Resistance is now at 4550 and 4612

Support is at 4512 where it should hold today. Below that support is at 4482.

Support is at 5137 to 5112, hearty day traders can buy at 5137 for a bounce.

Below that support is at 5092 and 4987.

Resistance is at 5287 and 5317. Maintaining a close over 5137 to 5117 augurs for a test of 5422 and 5492 to 5502.

Stay tuned for Updates in the Pig complex --

-From the Frying Pan into the Fire-

On The Downside, Nearby Support is 122-05 to 122-02 Where traders can buy for a turn higher, risk a close under 121-13 for two days in a row. Below that 121-05 to

120-30 should hold.

On the Upside: Resistance is at 122-22 and 122-30 then 123-05. Above that resistance is at then 123-10 and 124-05

On the DownSide, Support is at 1181.50, below that support is at 1178.70 and 1175.50 Below there is support at 1169.

On the Upside, Resistance is at 1190.20 and 1191.50 Beyond that good sellers should show up at 1192 and 1197.50 Traders should sell short 2 contracts at 1191.50 for a turn lower.

* A close under 1178.70 is negative, if this occurs, traders who have 'Ice Water

Running through their Veins.' Should Go Short.

The close of 9234.40 was a bit of a disappointment for the bulls, a test of 9156 is now likely.

Support is 9224.60 and 9156 to 9140. A close under 9140 indicates a test of 9060 and 9044.

Resistance should first appear at 9236 then 9273 and 9316 to 9347.

Beyond that resistance is at 9388 and 9429 to 9445.

A close today under 9224.50 is negative.