TIME AND PRICE TRADING
Weekly Report
9/20/99
Prepared by John Berends CTA

December S&P 500 Index

Trend: flat
Cycle position: down
Cycle Dates:    7/30-8/2*, 8/14-17, 8/21, 8/24-25, 8/27-30, 9/4, 9/10-11, 9/18-20, 9/25-27**, 9/30*, 10/9-10
Cycle review:   7/24 low, 8/17, high, 8/24-25 high, 8/27-30 low, 9/4 high, 9/10 high 

Cycle Forecast:  9/18-20 high

Trend indication is flat and long-term cycles are positive for most of 1999 with some weakness in October.  Key long term timing is due between August and October.   Intermediate term cycle timing was due the week of 7/31-8/2 and prices appear to have formed a bottom. The next cycle of this degree is due the week of 9/23.  Look for this time frame to be extremely important because it is within the key long term cycle window.  Look for lower or consolidating prices this week.

Resistance: 1374.5, 1396.9, 1399.1, 1419.4, 1452.2 Support: 1343.8, 1321.4, 1290.7, 1280.3, 1260.1, 1227.3

December Treasury Bonds

Trend: down
Cycle position: up
Cycle Dates:  8/7, 8/13-14, 8/16-17, 8/23-25, 8/28-31, 9/3-4, 9/9, 9/13, 9/16-17, 9/22-23, 9/28, 10/1
Cycle review:  7/31 low, 8/13-14 low, 8/16-17 high, 8/23-25 low, 9/3-4 high, 9/9 low
Cycle Forecast: 9/16-17 high

Trend indication is negative and long term cycle timing was due the week of 8/28  forcing prices lower.  Intermediate term cycle timing was due the week of 7/23.  The next cycle of this degree is due the week of 10/8.  Look for lower or consolidating prices early this week.

Resistance:  114^21, 115^05, 115^07, 115^26, 116^26 Support:  113^18, 113^00, 111^29, 111^15, 110^27, 109^26
 
December Swiss Franc

Trend: down
Cycle position: up
Cycle Dates:  7/19, 7/24, 7/30-8/2*, 8/14-17, 8/21, 8/27-30, 9/4, 9/10-11, 9/18-20, 9/25-27**, 9/30*, 10/9-10
Cycle review:  7/19 low, 8/14-17 low, 8/21 high, 8/27-30 low, 9/4 high, 9/10-11 low
Cycle Forecast:  9/18-20 high
Trend indication is negative but long-term cycles are positive.   Intermediate term cycle timing was due the week of 7/31.  The next cycle of this degree is due this week of 9/23.  Look for higher or consolidating prices early this week.

Resistance:  6547, 6612, 6672, 6684, 6732, 6809 Support:  6487, 6422, 6404, 6357, 6279

November Crude Oil

Trend: up
Cycle position: up
Cycle Dates:  7/18-20, 8/5, 8/11*, 8/17, 8/23-24*, 8/27, 9/1, 9/4-6, 9/9-10, 9/14-15, 9/23, 9/26, 10/2
Cycle review:   6/30 low, 7/18-20 high, 8/5 low, 8/23 high, 9/1 high
Cycle Forecast:  9/23 high

Trend indication is positive and long-term cycles are positive for most of 1999.   Intermediate term cycle timing was due the week of 8/11 and the week of 8/23-24.  The next cycle of this degree is due the week of 11/9.  Look for higher or consolidating prices early this week.

Resistance:  24.81, 25.42, 25.51, 26.04, 26.89 Support:  24.04, 23.43, 22.66, 22.42, 21.90, 21.04
 
December Gold

Trend: down
Cycle position: down
Cycle Dates:  7/11-12, 7/16, 7/28-30*, 8/4*, 8/8, 8/19, 8/24, 8/29, 9/5-7, 9/10, 9/16-18, 9/22*, 9/28, 10/8
Cycle review:  7/11-12 high, 7/28-30 low, 8/8 low, 8/24 low, 8/29 high, 9/5-7 low, 9/10 high

Cycle Forecast:  9/16-18 low

Trend indication is negative but long-term cycles are extremely positive in the last quarter of 1999.   Intermediate term cycle timing was due the week of 7/28-8/4.  The next cycle of this degree is due this week of  9/18-22.  Look for higher or consolidating prices early this week.

Resistance:  256.4, 257.9, 259.9, 260.6, 262.0, 264.1 Support:  254.4, 252.9, 252.8, 251.5, 249.73


December Copper

Trend: up
Cycle position: up
Cycle Dates:  7/22-24, 7/28-29. 7/31, 8/8, 8/12-13, 8/16, 8/19, 8/24, 8/28, 9/1, 9/3-4*, 9/9, 9/13*, 9/17, 9/24-27, 10/9
Cycle review:  7/22-24 low, 7/28-31 low, 8/8 high, 8/16 high, 8/24 low, 8/28 low, 9/9 high,
Cycle Forecast:  9/17 high

Trend indication is positive and long-term cycles are positive into October.   Intermediate term cycle timing was due the week of 5/28 and a low formed.  Intermediate term cycle timing was also due the week of 9/13.  The next cycle of this degree is due the week of  10/31.  Look for lower or consolidating prices this week.

Resistance:  85.80, 87.11, 87.30, 88.80, 91.51
Support:  82.90, 81.40, 78.50, 77.28, 75.60, 72.88

December Cotton

Trend: down
Cycle position:  up
Cycle Dates:  7/3-4. 7/9-10*, 7/29, 8/5-6, 8/11-12, 8/17, 8/22, 8/24, 8/28-30, 9/1, 9/6-7, 9/13-15, 9/17-18, 9/29, 10/1
Cycle review:  7/3-4 low, 7/9-12 low, 7/29 low, 8/5-6 low, 8/17 high, 8/28-9/1 low, 9/13-15 high 
Cycle Forecast: 9/17-18 low

Trend indication is positive and long-term cycles are positive.   Intermediate term cycle timing was due the week of 7/10.  The next cycle of this degree is due this week of 10/9.  Look for higher or consolidating prices this week.

Resistance: 53.71, 55.32, 57.06, 57.52, 58.80, 60.87
Support:  51.97, 50.36, 50.02, 48.75, 46.67

November Soybeans

Trend: up
Cycle position: down
Cycle Dates:   8/2, 8/7*, 8/9, 8/11, 8/15, 8/21-22, 8/25, 9/4, 9/8-11, 9/13, 9/19, 9/22, 9/27-28, 10/1*, 10/10
Cycle review:   8/2 low, 8/9-11 high, 8/15 low, 8/21 high, 8/25 low, 9/4 high, 9/13 high
Cycle Forecast:  9/19 low
Trend indication is positive but long-term cycles are negative.   Intermediate term cycle timing was due the week of 8/7.  The next cycle of this degree is due this week of  10/1.  Look for higher or consolidating prices early this week.

Resistance:  497.75, 509.5, 531.75, 541.0, 554.0, 575.0 Support:  475.5, 464.75, 463.75, 452.0, 430.75


December Corn

Trend: down
Cycle position:  down
Cycle Dates:   8/6-7, 8/12-13, 8/23-25, 8/31, 9/2, 9/5, 9/8, 9/10-12, 9/15-16, 9/19, 9/27, 10/1*, 10/5
Cycle review:  7/29 low, 8/6-7 high, 8/13 low, 8/31 low,  9/5-8 high
Cycle Forecast:  9/19 low

Trend indication is negatve and long-term cycles are negative.   Intermediate term cycle timing was due the week of 7/13 and price rallied.  The next cycle of this degree is due the week of  10/01.  Look for higher or consolidating prices early this week.

Resistance: 212.75, 215.75, 221.25, 223.75, 227.0, 232.25 Support:  207.25, 204.5, 204.25, 201.5, 196.0

December Wheat

Trend: up
Cycle position:  down
Cycle Dates:  8/6-7, 8/12-13, 8/23-25, 8/31, 9/2, 9/5, 9/8, 9/10-12, 9/15-16, 9/19, 9/27, 10/1*, 10/5
Cycle review:  8/6-7 high, 8/13 low, 8/23-25 high, 8/31 low,  9/10 low, 9/12 high
Cycle Forecast:  9/19 low

Trend indication is negative but long-term cycles are positive.  Intermediate term cycle timing was due the week of 7/9-13 and price rallied.  The next cycle of this degree is due the week of 10/1.  Look for higher or consolidating prices early this week.

Resistance: 279.5, 287.5, 299.5, 303.75, 311.5, 323.75
Support:  267.5, 259.5, 259.0, 251.5, 239.0  

December Live Cattle

Trend: up
Cycle position: down
Cycle Dates: 8/1, 8/8, 8/11, 8/14-15*, 8/17-19, 8/25, 8/29, 9/3-5, 9/10-11, 9/15-16, 9/27, 10/12
Cycle review: 7/23 high, 8/1 low, 8/11 low 8/17 high, 8/25 low

Cycle Forecast: 9/15-16 high

Trend indication is positive but long-term cycles are negative.  Intermediate term cycle timing was due the week of 9/16.  The next cycle of this degree is due this week of 11/4.  Look for lower or consolidating prices this week.

Resistance:  68.62, 69.35, 70.22, 70.48, 71.10, 72.08 Support:  67.75, 67.02, 66.91, 66.30, 65.31
 
  December Lean Hogs

Trend: flat
Cycle position: down
Cycle Dates:   7/11-12, 7/28*, 8/1, 8/8-10, 8/14-17, 8/24-25, 9/3-5, 9/9-10, 9/16-18, 9/24-29*, 10/8
Cycle review:  7/11-12 low, 7/28 low, 8/1 high, 8/8-10 high, 8/17 low, 8/24-25 high, 9/3-5 high, 9/9-10 low
Cycle Forecast:  9/16-18 high

Long-term cycles are positive and trend indication is positive. Intermediate term cycle timing was due the week of 7/28 and prices gapped higher. The next cycle of intermediate term degree is due this week of 9/29.  Lower or consolidating prices are expected  this week.

Resistance:  44.07, 45.35, 45.40, 46.73, 48.93 Support:  41.82, 40.50, 38.25, 37.65, 36.00, 33.79

 
**DISCLAIMER: Past performance does not guarantee future profits.
There is substantial risk in trading commodity futures and option
contracts.  Therefore, you should consider whether such trading
is suitable for you in light of your financial and emotional
condition._


*The above report is taken from the Time and Price Trading Weekly Report. The report covers the following markets: S&P 500, T-Bonds, Swiss Franc, Crude Oil, Gold, Copper, Cotton, Soybeans, Wheat, Corn Live Cattle and Lean Hogs. Subscription rates are $50 per month, $233 per six months and $400 per year. Updates are available via our member's only web site. Ask about our email and fax service. trade@gann.com