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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Chip McVickar who wrote (719)	4/3/2000 3:26:00 PM
From: Dan Duchardt	Read Replies (1) of 33421

Chip, >>I don't see any of that "M" structure Chip has been talking about for the Nasdaq composite<< The "M" pattern is without question the most dominant feature on the Nasdaq daily chart. It cannot be ignored and its existence remains an important element of the chart. It suggests a market top and that a downward trend has begun. I hope you don't think I was refuting your observation. The context of my comment was the NDX.X chart. I was noting the absence of the "M" in that chart, using your comments about the composite index for comparison, and raising the question of whether that might give some hope of the NDX.X holding up off the 50dma. By now we all pretty much have the answer. Second worst % down day for the COMPX in history I believe. Dan

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