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Strategies & Market Trends : John Pitera's Market Laboratory

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To: mph who wrote (810)	4/6/2000 12:07:00 AM
From: John Pitera	Read Replies (1) of 33421

The daily SPX chart got support from 3 different support points that were all clustered between 1420 and 1413. geocities.com the SPX pulled back to it's 50 DMA, while also getting support from the .618 retracement of the March rally, and finding support at the .236 retracement support area which was derived from the entire rally that occurred since the Oct 18th 1999 low. This is a very nice example of how a cluster of price targets each calculated differently and relating to different time periods can come together to act as a stronger magnet point for prices to come to and bounce off of. BTW we are still above the basic Gann 1 * 1 line from both the Oct 18th 1999 low and the 2-28-00 low @ 1325.02. So that is positive for the market. Also notice that the rally we had from 10-18-99 to the 1478 high we had on 1-3-00 also generated a .618 retracement level that ended the 2 month correction on Feb 28th @ 1325. John

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