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 (2259)	6/18/2000 1:41:00 PM
From: Jerry Olson	Read Replies (1) of 33421

HI GZ just back from the beach...nice rest.. SPX is in a bearish engulfing pattern and will probably test 1445/50 area, Mon or Tues.. we are in the exact same pattern prior to the FOMC all over again...selloff about a week before for 1-2-3 days, then a nice rally into the meeting... SPX must break thru 1480..to head higher... COMPX...it's running along a FIB retracement line at 3855ish, down from the top, and up from the bottom..consolidating...to my untrained eye, this is a pennant formation on the candle chart, it's moving sideways into the FOMC...i doubt it will resolve itself until after the 27th/28th...a very tight range now... it also looks like an Inverse head and shoulder pattern..with the right shoulder breakout at about 4000... also theres a big gap down to 3590 area..that may not get filled...that would be bullish too..but if it did, wouldn't matter.. Alan G, control's the next 6 months in this market..PERIOD... we can spekulate all we want<G>... regards OJ

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