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Strategies & Market Trends : John Pitera's Market Laboratory

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To: GROUND ZERO™ who wrote (2342)	6/23/2000 9:27:00 AM
From: Chip McVickar	Read Replies (1) of 33421

GZ, Certainly these rises in some markets are narrowly based and reflect momentum players trading on any news. Certainly the CRB and other inflationary pressures are rising slowly. Wage pressures are the most important measure, but at this point they remain quiet. Another factor is the DOW Theory which I understand is in place. But I believe the markets want to move higher, the buyers are willing and want to move on any clear signal that inflation and the Fed pressures have not crippled the economic prosperity. So far neither has happened, it's a draw. The S&P market has failed to get above that April "M" formations 'v' at 1474-84, this is critical resistance and 7 days of attempts to cleanly break that barrier have failed. The daily patterns suggest another attempt, but the over all future strength of this market does look doubtful without something of substance to push the market higher. The sell signal from the March/April "M" pattern is still in place. Chip

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