John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (2579)	8/9/2000 9:20:43 AM
From: John Pitera	Read Replies (2) of 33421

The Daily NASD chart shows a fantastic cluster that stopped the NASD at it's high yesterday. geocities.com The NASD reached it's high and was repelled by the 50 dma but also by the 50% retracement of the entire bull move from 10-18-99 to 3-10-2000. the 200 dma MA was less than 20 points above the high of yesterday. and the 21 dma (not show )was actually in the same area as the 50 dma, providing more selling pressure. If we can close decisively above this cluster of price resistance it will be a bullish development. the NDX is already back above it's 200 dma. and the NYSE did make a new all time high yesterday, following the lead of the DJUA, which made it's all time high at the start of August. John

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