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PRUDENTIAL SECURITIES
TECHNICAL REVIEW
SEPTEMBER SWISS FRANC/SEPTEMBER D-MARK: Minor trend sideways, major trend sideways. Minor support 950 points Swiss Franc premium, major support 900 points Swiss Franc premium. Minor resistance 1250 points Swiss Franc premium, major resistance 1300 points Swiss Franc premium. This spread has turned down from resistance back to the middle of the range.
SEPTEMBER SOYBEANS/NOVEMBER SOYBEANS: Minor trend sideways, major trend sideways. Minor support 30 cents September premium, major support 20 cents September premium. Minor resistance 60 cents September premium, major resistance 70 cents September premium. This spread failed at resistance, turned back down somewhat, and is now moving higher again.
SEPTEMBER WHEAT/SEPTEMBER CORN: Minor trend down, major trend sideways. Minor support 70 cents wheat premium, major support 60 cents wheat premium. Minor resistance 150 cents wheat premium, major resistance 160 cents wheat premium. This spread has fallen from resistance levels, all the way back closer to support.
OCTOBER CATTLE/DECEMBER CATTLE: Minor trend sideways, major trend sideways. Minor support 275 points December premium, major support 300 points December premium. Minor resistance 175 points December premium, major resistance 200 points December premium. This spread has been vacillating within the range, exhibiting a slightly upward bias lately.
OCTOBER CATTLE/OCTOBER HOGS: Minor trend up, major trend sideways. Minor support 700 points hogs premium, major support 800 points hogs premium. Minor resistance 100 points hogs premium, major resistance 200 points hogs premium. This spread has been moving irregularly higher, closer to resistance.
FEBRUARY PORK BELLIES/FEBRUARY HOGS: Minor trend up, major trend sideways. Minor support 300 points hogs premium, major support 500 points hogs premium. Minor resistance 1000 points bellies premium, major resistance 1200 points bellies premium. This spread has also been moving irregularly higher.
SEPTEMBER T-BILLS/SEPTEMBER EURODOLLARS: Minor trend sideways, major trend up. Minor support 55 points T-bills premium, major support 50 points T-bills premium. Minor resistance 65 points T-bills premium, major resistance 70 points T-bills premium. This spread has turned down slightly from resistance levels.
SEPTEMBER MUNIS/SEPTEMBER T-BONDS: Minor trend sideways, major trend up. Minor support 3 points Munis premium, major support 2 points Munis premium. Minor resistance 6 points Munis premium, major resistance 7 points Munis premium. This spread failed at resistance and has turned down slightly.
SEPTEMBER T- BONDS/SEPTEMBER T-NOTES: Minor trend down, major trend sideways. Minor support 1½ points T-bonds premium, major support 1 point T-bonds premium. Minor resistance 5 points T-bonds premium, major resistance 5½ points T-bonds premium. This spread failed at resistance and has turned down sharply.
DECEMBER SILVER/GOLD RATIO: Minor trend up, major trend sideways. Minor support 78:1, major support 79:1. Minor resistance 66:1, major resistance 65:1. This spread is vacillating with a slightly upward bias.
OCTOBER PLATINUM/OCTOBER GOLD: Minor trend sideways, major trend up. Minor support $10 platinum premium, major support even. Minor resistance $100 platinum premium, major resistance $110 platinum premium. This spread has exploded into higher resistance levels before turning down slightly.
SEPTEMBER COFFEE/DECEMBER COFFEE: Minor trend sideways, major trend sideways. Minor support 1000 points September premium, major support 500 points September premium. Minor resistance 3000 points September premium, major resistance 4000 points September premium. This spread has settled down close to the middle of the range after very wide swings earlier.
SEPTEMBER COCOA/MARCH COCOA: Minor trend sideways, major trend down. Minor support 55 points March premium, major support 60 points March premium. Minor resistance 35 points March premium, major resistance 30 points March premium. This spread is drifting at support, going nowhere.
OCTOBER SUGAR/MARCH SUGAR: Minor trend down, major trend down. Minor support 20 points March premium, major support 30 points March premium. Minor resistance 10 points October premium, major resistance 20 points October premium. This spread has broken down to new lower support levels, and is just drifting there.
SEPTEMBER ORANGE JUICE/JANUARY ORANGE JUICE: Minor trend up, major trend sideways. Minor support 600 points January premium, major support 700 points January premium. Minor resistance 300 points January premium, major resistance 200 points January premium. This spread has stabilized at support levels and has narrowed in somewhat.
OCTOBER COTTON/DECEMBER COTTON: Minor trend up, major trend sideways. Minor support 100 points December premium, major support 150 points December premium. Minor resistance even, major resistance 50 points October premium. This spread has moved closer to resistance and is drifting at the higher levels.
SEPTEMBER LUMBER/NOVEMBER LUMBER: Minor trend sideways, major trend sideways. Minor support even, major support 500 points November premium. Minor resistance 1200 points September premium, major resistance 1500 points September premium. This spread has been chopping around aimlessly in the middle of the range.
SEPTEMBER UNLEADED GAS/SEPTEMBER HEATING OIL: Minor trend up, major trend up. Minor support 400 points gasoline premium, major support 300 points gasoline premium. Minor resistance 900 points gasoline premium, major resistance 1000 points gasoline premium. This spread has been rallying steadily into higher resistance levels.
SEPTEMBER CRUDE OIL/NOVEMBER CRUDE OIL: Minor trend sideways, major trend down. Minor support 30 points November premium, major support 50 points November premium. Minor resistance even, major resistance 30 points September premium. This spread has moved closer to support, where it has stabilized.
SEPTEMBER VALUE LINE/SEPTEMBER S&P: Minor trend up, major trend sideways. Minor support 1100 points S&P premium, major support 1150 points S&P premium. Minor resistance 6500 points S&P premium, major resistance 6000 points S&P premium. This spread has been moving higher as the blue-chips have weakened lately.
August 18, 1997 Prudential Securities, Inc.
One New York Plaza, New York, New York
Added to the WWW 08-22-97
Last updated on 08-22-97
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