John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: GROUND ZERO™ who wrote (398)	3/10/2000 11:10:00 PM
From: Chip McVickar	Read Replies (1) of 33421

GZ, The continuation pattern in the bonds as a symmetrical triangle, got broken lower today. Certainly not good! The SPX 60 min has a clear spike and a high/low or volume reversal. What John calls a "Cherry Bomb"...<<smile>>, he's had pretty good luck with this candle pattern..? The SPX cleared the 50 day ma today, but closed below. This is the 4th attempt over this last week...also not good! Case for the bulls: #1 Bond prices have been a problem for weeks and is old news... and discounted in expiration week..? #2 The 3 day closing price reversals and buy pattern on both the SPX and DOW for this week. #3 The last three bottoms were 3 day price reversals and good for 100+ point rise overall [this one is 50]. #4 The consolidation rectangle we've been following as a fork off 12/3, has not been broken and it still suggests a bullish ending and a close higher then 1425. #5 The two most recent forks with median lines crossing an upper tine at 1430 SPX...are pointing up. #6 40 day cycle on the a/d is attempting to turn and remains over sold. #7 .....? Although the rectangle and fork are weakened, I feel the market could still surprise and close above the upper tine, before moving higher. Have a Good Weekend.... Chip

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