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Strategies & Market Trends : John Pitera's Market Laboratory

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Hawkmoon

To: Chip McVickar who wrote (19014)	4/11/2017 9:34:29 PM
From: John Pitera	1 Recommendation Read Replies (2) of 33421

Hi Chip, Great analysis..... that 2260 area is what my work is pointing towards..... I am wondering about if there lurks something beneath there...... this is the 7th year of the decennial pattern.... I have been ruminating on cutting and pasting all of the 7th year of each decade since DJIA 1897........ Let's see if I have time..... AJ sent me a PM today.... he's always been very perceptve..... Hi John, I just thought I'd drop a quick note. You probably already have seen the large weekly H&S top forming on the XLF and associated banking stocks. While H&S tops have been less reliable during this era of Fed accommodation, this particular one seems compelling. With a target of 20.8, it has a nearly 3:1 risk/reward ratio if you had a short at 23.3 and a stop at 24.1 with the cover point at the weekly 50-sma, 21.00 It appears most of the banks and larger OEX stocks want their respective 50-week SMA's. This area also coincides with the re-trace to the big sticks formed the day after the 2016 election. Fundamentally, we could be seeing a reversal of the post-election tax reform discounting. Best Regards, ajtj99 ------------------------------------ the 18 month daily chart has failed at the 50 dma.... looks like it could drift towards 200 dma... it has not really created a momentum buy divergence. John

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