it seems to us that the upper and lower limits of a short-term trading range had been set between the 1056 and 1100 levels on the S&P 500 index. Short-term traders could play the range. The market however, is volatile and at some point the index will either break above or below that range. That, if and when it happens, should be a fierce move. So we’d be cautious against taking large position.
在我們看來，標普500指數在1056-1100點之間形成了一個短期交易區間。短線交易者可以考慮在區間之內低買高賣。不過市場波動性很高，而且在某一個時點上終將向上或向下突破交易區間。一旦出現突破走勢，應該會非常迅猛，因此我們不宜倉位過重。
based upon recent trading actions, the market is heading for a test of support at the May low, near the 1040 level in the S&P 500 index. Although seemingly vulnerable to further short-term weakness, the bulls will not get into any serious trouble as long as the market holds above that level. What this means is that unless there is a close below the May low, we believe that the market is still within a realm of building a meaningful near-term low, where a new upleg will be based and launched.
從近期走勢來看，市場正在向下測試5月低點、標普500指數的1040點。盡管市場短期內可能進一步下跌，但只要標普堅守在這一位置上方，多頭便不會陷入嚴重困境。換句話說，只要標普收盤不跌破5月低點，我們相信市場仍處於構築一個重要的近期底部的過程之中，新的上升行情將從這裏啟動。
recent trading action suggested strongly that an important low had been established and the S&P 500 index is in an early stage of a new uptrend that projects to 1250 at a minimum but has an overshoot target of 1270. Buyers however, should be mindful that the index must hurdle and sustain above last week high of 1214 to confirm that a new bull trend is in progress.
