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

To: wlheatmoon who wrote (1669)	5/22/2000 3:27:00 PM
From: John Pitera	Read Replies (2) \| Respond to of 33421

The Daily Nasd chart with some Fibonacci Support areas. geocities.com we did make a slight new low, which was needed from both a momentum divergence and a wave structure view point. The fed Funds rate is now pricing in no Fed Move in June and hence we are approaching a low. Now we may need to get the the South side of 3000 and pick up the important support clustering at 2900 and 2800. We have seen the big give ups developing in the QCOM's, ORCL's, SUNW, so we should be nearing an area in both price and time where we have at least a counter trend rally of a number of weeks. BTW market bell weather CSCO solidly hit it's 200 DMA today and even got a few bucks below it. It has rebounded back bove the 200 DMA which is a technical plus. Another big bellweather SUNW also hit it's 200 DMA and then rallied solidly above it. Ralph Acampora was said to have made comments that tech stocks were going lower today, and a few fund managers are said to be fading his pronouncement. (ie, they are doing some buying, using him as a contrary indicator) beyond that the BAC strategist did lower his equity allocation to 70% from 75%. John