John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Jorj X Mckie who wrote (4393)	8/21/2001 11:06:23 AM
From: John Pitera	Read Replies (1) of 33421

good call on the VIX. the 28 level has been pivotal this year. some reasonable comments from Peter G...... (08/21/01) SP rallied yest. in front of FOMC meeting and tested 2% level under its 21-day MA. SP 21-day MA now at 1196 making 2% under about 1172. First resistance today 1170-1175. Above 1175.50, 1179-1180. Yesterday's pre-FOMC rally was not unusual. SP should be relatively quiet today until the FOMC announcement. Then volatility should pick up. We expect sharp moves in both directions following the interest rate cut. SP still needs to close above its 21-day MA and that MA needs to begin moving up for the SP to look better. Otherwise, SP remains in downtrend. For a valid breakout to decisively change SP negative pattern, SP needs to close above 1232.50 August high. I this does not happen, rallies are considered nothing more than reflex technical lifts. These are subject to failure. Support 1160- 1162, 1150-1155, 1145-1140 FairValue+2.26;Buy+4.25;Sell+0.30

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