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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Jorj X Mckie who wrote (692)	4/1/2000 8:44:00 PM
From: John Pitera	Read Replies (1) of 33421

SPX chart update: The Daily Chart Looks pretty Bullish. The SPX is acting in exactly the manner I would expect after the High Momentum Readings we saw 10 days ago. geocities.com As I pointed out Monday morning in this post: Message 13286746 Obviously a short-term correction is possible and in fact very likely, to work off this overbought condition. It made sense to have corrected this past week to Work off the Big Overbought condition we had generated by Friday March 24th. The fear that has been generated by the big Decline in the NASD should help to rebuild the "wall of worry" that bull markets climb. We had a few major analysts calling for a 20% in the NASD, cautious comments by Abby Joseph Cohen and Al Goldman. And the winding down of one of the biggest Hedge Funds, Tiger Management. Often we see a Hedge Fund close or other similar events at a significant low. This slightly Longer SPX chart Looks OK as well geocities.com we continue to be above the GANN 1 * 1 line and we are getting support from the old all-time high in the SPX that occurred on Jan 3rd 2000 @ 1478. John

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