John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (691)	3/31/2000 9:50:00 PM
From: Jorj X Mckie	Read Replies (4) of 33421

Hi John, What I would like to see next week is a little selling that sets I higher low for the naz and then a breakout above today's highs. I would like us to build a base here rather than another parabolic move up. I think that this is the only way that we can get a healthy rally that is not fraught with these extreme swings. Below is the 50pt Naz P&F chart, you can see that we reversed up today into a column of Xs, a reversal down into a column of Os that stops at around 4450. A reversal up from there will give us a buy signal at 4650, otherwise we are still on a pretty significant sell signal on the chart. If we go parabolic again, I will be looking to exit around 4950 on the Naz. (don't forget to uncheck the fixed font box if you respond to this). 5100 X 5100 5050 X O X 5050 5000---------------------------------------------X --X O ----X O --------------5000- 4950 X O X O X O 4950 4900 X O X O X O 4900 4850 X O X O X O 4850 4800 X O X O X X O 4800 4750---------------------------------------------X O --O X O X O --------------4750- 4700 3 O X O X O 4700 4650 \| X X O X O X O 4650 4600 \| X O X O X O X O X Med4600 4550 \| X X O X O X O X O X 4550 4500---------------------+---------------X O X O ------O --O --O X ------------4500- 4450 \| X X O X O X 4450 4400 \| X O X O X O 4400 4350 \| X O X O X 4350 4300 \| X X O O 4300 4250---------------------+-------X O X ----------------------------------------4250- 4200 \| X O X 4200 4150 X X O X 4150 4100 1 O X O X 4100 4050 X O X X O X 4050 4000---------------------X O X O X O X ----------------------------------------4000- 3950 X O X O X O X 3950 3900 X O X O X O 2 3900 3850 X O X O O X 3850 3800 X O X O X 3800 3750---------------------X O ------O ------------------------------------------3750- 3700 X 3700 3650 X 3650 3600 X 3600 3550 X Bot3550 3500---------------------C ----------------------------------------------------3500- 3450 X 3450 3400 X 3400 3350 X 3350 3300 X 3300 3250---------------------X ----------------------------------------------------3250- 3200 X 3200 3150 X 3150 3100 X 3100 3050 X * 3050

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