IOM DECEMBER S&P 500 INDEX: Short-term trend neutral, long-term trend down.

Moving Averages–Negative–5-day 922.32, 20-day 935.12; negative–4-day 920.07, 9-day 932.05, 18-day 932.86; 50-day 949.44.

Oscillators–RSI 43%, stochastic 21/35, MACD —8.64/—7.18.

Resistance–927.65-927.85 * key daily resistance. Support–904.85-905.05 * key daily support/minor weekly support.

Technical Indicators–Daily market momentum remains down today below the 927.65 resistance area. Bearish divergence remains apparent between price, and daily and weekly momentum indicators. Overbought stochastic warns of an intra-week move lower.

Viewpoint–The market remains caught in the midst of a major downtrend on the daily chart, and a major uptrend on the weekly chart. The overbought daily stochastic oscillator within the major downtrend on the dailies sets up a good technical environment. For the major downtrend to resume, if still valid. Daily market momentum remains down below the 927.65 level today, which should loosely contain price on the upside during the session if the major downtrend is still in force.

November 14, 1997John J. Kosar

Greenwich Natwest Futures, Inc.

311 S. Wacker, Chicago, Illinois

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