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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Hawkmoon who wrote (15778)4/9/2014 10:24:22 AM
From: John Pitera2 Recommendations

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Hawkmoon
roguedolphin

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Regarding the SPX......if we are in a new secular bull than the market would work sideways and down a bit to levels just as you indicate.


It's possible we might just retrace the S&P back to the 1500-1600 level, to retest support at the previous market tops. But that is STILL a pretty serious pull-back (300 points) from current levels.


Here is a Brazilian equity market chart that I have saved from last year..... it broke down as I was anticipating...it has come nowhere near to my downside price objectives........ however as you can see the descending trendline is still acting as resistance and the horizontal price resistance line is still providing resistance..........and maybe we are not done with the bear market in this countries equity........ hey we'll watch the price action and let the market tell us what it wants to do.

and btw the RSI, Stocastics and MACD have this market at levels that should see a material pullback ( sell off ) occur.



John
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