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Strategies & Market Trends : John Pitera's Market Laboratory
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To: GROUND ZERO™ who wrote (2262)6/19/2000 9:10:00 AM
From: Chip McVickar  Read Replies (3) of 33421
 
Morning GZ,

I can add only this to the daily chart reads:

1) SPX has a weekly fork Time Projection due this week from the high in the 4th week of July. This suggests resolution.

2) Last week was an Outside week proceeded by an inside week. This outside week closed above its open and slightly above it's 50% level and above the close of the previous week. This suggests 1480 resistance will be tested again.

3) It's also at the top of a 100 point move up in the cash charts, and this suggests topping when combined with the TP.

4) The market held support having bounced off the forward weekly forks lower tine, the downside potential is therefore contained at 1442, but break that area and serious lower numbers should be rolled out in response to the TP.

It looks like all this should produce a transition week prior to setting up the next trend.

Chip
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