John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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Hawkmoon

To: John Pitera who wrote (15835)	4/16/2014 11:39:23 PM
From: Davy Crockett	1 Recommendation of 33421

Hi John, On the S&P 500 monthly chart that you posted... All I gotta say is... that's an incredible double top for that time frame. The PnF charts also suggest the fundamental problems with that chart. Please take the following comments in context. I just realized that the chart that was posted was circa 2009. (I like PnF charts as they sort've filter out the noise... ) interesting Bearish Price Objective @ 1780, which kind of makes sense regarding positive support at that level, however, I'm looking beyond that... and below the trendline on this PnF chart. I wish I could post volume by price as I think it would reinforce the tale that I would have to tell... As you can see from this weekly chart 1750-1760 has really good support. What would happen if the S&P went through that support??? I'm in the bearish camp & I don't think that support level will hold. I dunno when it will happen, but I think it will happen soon. BWTHDIK interesting times...

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