John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: The Ox who wrote (18968)	4/6/2017 4:25:44 PM
From: John Pitera	Read Replies (1) of 33421

Hi Ox, I can believe the SPX 5 minute ADX is registering an extreme number. Wednesday's market act was the biggest intraday swings in 14 months I heard mentioned a few times. a check-back to the 2289 area or 2280 area is very plausible.. that should be the next stop. the 2341 area has been acting to hold up the SPX for a few weeks.. the 50 DMA has come right up to that level and the SPX has to rally or we fall back to the 2288 area which is the double magnet of the 1.618 of a price projection and the .618 of the second price projection I explained how those price projections where calculated in this post and also mentioned that Katie Stockton of BTIG was on Squawk Box on March 5th and stated the SPX needed to pull back to 2280. I mentioned Katie Stockton of BTIG 4 different times in March on this thread... and the idea that the market needed to consolidate and move back to the SPX 2280 area. Message 31039713 Message 31039272 the High Yield Debt Market says time should be arriving for a pullback, as witnessed by the HYG breaking down below it's 21 dma and remaining under it and violating the uptrend in place this past year ... a pull back to the 50 dma or 2280 as Katie Stockton suggested last week. the hourly spx was got hung up at the .764 area on the hourly chart yesterday, which is also the 1.618 area of the 3/26/17 low in the SPX and today the SPX was repelled by the .618 line which is the gold one we did not quite reach Message 31058235 The NASD had an outside reversal yesterday ... THE NDX which has been the real zeitgeist of the market had a really dramatic outside reversal yesterday. The meeting with the Chinese leader is a truly potential market direction generator...... we shall see. John

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