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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: IndexTrader who wrote (1439)	5/1/2000 11:00:00 AM
From: Chip McVickar	Read Replies (1) \| Respond to of 33421

Hi Susan, These are my interpretations, but GZ is the master and often his views of the active forks is better. The October '99 fork you mention is old and a broken fork. So movement around its median line is questionable. When 4/14 prices broke through its lower tine it nolonger was of much interest for trading. However, the market returned to its lower tine and has remained above it for the last week...so it remains 'only' as a reference fork. The fork off Jan high you mentioned was also broken when the market closed above its upper tine on 4/25 and I discarded it. Big Fork I like, handle 1/3, spread: 2/28low--3/24high Now inside this fork there are 4 others: 3/15 sprd: 3/24high-4/14low 3/21 sprd: 3/24high-4/14low 4/4 sprd: 4/10high-4/14low My favorite for today's market, and the price should remain below 1485 and drop off the median line heading for 1400. The newest fork: 4/12 sprd: 4/14low-4/26high The S&P must close today below 1450ñ and the upper tine to become very important, I expect this to happen. >>Just curious if you see potential for the 1540 area SPX based on these forks and if you agree on a mid-May turning point.<< I have markers set for April 4 and 15, as a broad turning point for a market decline. If these astro markers produce the conditions as expected these markets are in for lower prices atleast until June and probably into this fall. The month of May also contains a batch of highly unusual astro conditions especially for the international arena. If they are wrong and I have to reverse my overall trend thinking, then 1560-80 is possible. Remember these are opinions and trends are very hard to define in today's choppy markets. Fibs also play a part in my Chart TA, cash market is sitting on 50% retrace off 3/24 and 4/14 low...1446.50 Hope this is useful...? Chip