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[Porter]

Monthly Trend Value 9 (trending up) Weekly Trend Value 10 (trending up) Daily Trend Value 11 (running uptrend) 45-min Trend Value 8 (trending up) ST Moving Av Trend Val -8 (trending down) Turtle Trend (LT) 4 (running uptrend) SPU Trend ..........Q......M.....W.....D.....45' SPU....U..... U.... U.....U......U Value...3.......1.....2......2......2 ------------ SHORT TERM TRENDS Opening Range Trend Daily--Down Weekly--Down Globex 45-min Trend Up 135-min Trend Up ------------------ Momentum Trends TMom Up HMom Up ----------------- Bollinger Band Trend 10-day Up 7-day Up 3-day Up 1-day Neutral 1/2--day Down ----------- Moving Average Trend Mason-Dixon (NDX 200H) Up Gator (SPX 13D+8) Up Mallory (NYA 49D) Up Zweig (MID5%) Up Junk (ML1%) Up --------------- Intermediate Momentum Indicators NY ITBM Up NY 10D NH% Up NY Vol McSum Up ND Vol McSum Up Porter ========================== On Monday all trends were up. The 45-min trends for all indices were up. That represented an overbought condition which needed to be relieved. It was relieved on Tuesday with the 45-min line turning down in all 4 indices. The SPX has also crossed below its 6-day SMA further indicating a relief of overbought conditions. But in doing so it has turned both the Daily and Weekly Opening Range trends down. What that means in practical terms is that 1032.7/SPU is unlikely to be exceeded this week and that it may be safe to short against that high with a stop over the high. But with almost all other trends being up that would be a short term trade. Given the uptrends it may be more lucrative to look for a long side trade. A good possibililty would be a spring of the 9/5 low at 1017.7/SPU. Porter