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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Davy Crockett who wrote (7152)	6/7/2005 3:26:22 PM
From: macavity	Read Replies (1) of 33421

Just playing each asset class on its merits. $NDX is playing with the 1535 level. The ST Term (hourly charts) is 'strong enough' to cause a bounce here, if we do not break down. In fact there is good support on hourly charts for $NDX down to 1525. We have broken last week's lows and DAILY MACD/PPO is going negative (for my readings). The rally appears to be ending. Also Gold Stocks ($HUI) appear to be topping as well. So we are ending here, a small rally for a couple of days perhaps, but we are struggling to go higher: $SPX forms a new high for the move, and $NDX fails to do so and takes out last week's lows. The party's ending, but not yet over. I am off on holiday tomorrow, and it will be nigh on impossible to trade. Guess I will just put out a bunch of stops on a small size position. -macavity

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