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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Jorj X Mckie who wrote (5953)	4/15/2002 11:29:39 AM
From: John Pitera	Read Replies (1) of 33421

(04/15/02) SP GLOBEX-JUN(NXM) HIGH 1115.70; LOW 1111.50; CLOSE 1114.50 . SP just barely closed over 1111 on Friday keeping trading range type of scenario intact. Expect SP to hold up until Greenspan on Wednesday or until intraday short term momentum becomes overbought again. Not only do rally attempts have quite a bit of resistance to overcome but as mentioned last week, these rally attempts must be better. So far rally attempts have been poor, very selective and very technical in nature as far as the SP is concerned. Unless rally attempts begin to change their complexion, lower SP prices would be most likely outcome given time and patience. Today's support can start at the 1110-1111 area. Under 1109.50, 1100-1105. Resistance begins about 1114-1116. Over 1116.50, 1119-1121. Over 1121.50, 1124-25. Over 1125.5 test last Thursday's 1128.70 high. Fair Value+1.30;Buy+3.50;Sell-0.90

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