John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Stoctrash who wrote (3721)	4/11/2001 3:54:39 PM
From: John Pitera	Read Replies (1) of 33421

Fred, as I see it, we're near resistance in a few places.....both the SPX and NASD are near resistance, it one looks at say the last 15 or 18 days of say 30 minute bar charts, we can see the NASD resistance around 1940-50 and the SPX resistance around 1175-80. the market has sold off the last few times we have tried to set up such a base building period, since Late January. The market will need to close above both of these resistance areas for two days, to really enhance a bullish outlook. The DJIA has retraced and failed at it's .618 retracement (Near 10180) of the early march decline. So that could be setting us up for another down leg. I can see why Todd Harrison over at Real Money is putting on a few new shorts in here. we've got economic numbers and some earnings numbers tomorrow, especially GE, and JNPR.... RMBS should have interesting things to say -g- But the trend should continue to conceal itself until next week. John

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