John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Logain Ablar who wrote (3208)	2/1/2001 2:57:10 PM
From: John Pitera	Read Replies (2) of 33421

the broader markets are finally showing some signs of life. Looking at the chart of the S&P 500, we would note that the index recently pushed through resistance around the 1360 area, the 38.2% Fibonacci retracement level of the September to December bear market. Trendline resistance has also been broken, as has the 100-day moving average. In addition, the 14-day RSI failed to confirm recent lows, while the MACD is flashing its strongest buy signal since August. Still we need to see the SPX break through the .382 level and I'd like to see 2 consecutive closes above 1405.

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