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

To: John Pitera who wrote (2546)	8/2/2000 10:34:23 AM
From: John Pitera	Respond to of 33421

These are great stock index future comments, I say this as they highlight the very disorganized bi-polar trading that exists. It's healthy that this type of tussling is occurring as we are using The Magic Tonic of Time to assuage the concerns of the bears, and to lower expectations for unrealistic bulls. With such cataclysmic action in the Nasd in the first 6 months of the year, it makes sense that we are getting less index volatility. For those who have developed the most desired trait of Patience and are disciplined with a plan, times like these can recharge the batteries, while frazzling the wits of the novice. ---------------------------- PETER G. GRENNAN (08/02/00) STOCK INDEX FUTURES MARKET COMMENT . Sp took out 1448-1450 resistance but didn't get anywhere as session proceeded as expected and essentially continues to build base with lots of backing and filling. Expect more base building and backing/filling today. The stock market is all mixed up with indexes going every which way with very little if any homogeneity. Until this changes, odds favor not much sustainability on rally attempts although rally attempts are made. Revert to 1448-1450 resistance with another move over 1450.50 targeting another test of 2% under sp 21 day ma. Sp 21 day ma about 1485, making 2% below level at 1455. This move would also be test of yest 1454.50 high and bring sp close to 1455-1460 resistance band. Sp needs close over 2% level to get out of defensive mode. Support 1435-1440. Value+894;Buy+1055;Sell+735. . STOCK INDEXES TRADING RANGES (08/02/00) ****COMPUTER TRADING RANGES** DJU.(SEP) 10555 - 10788 DJU SPUGLX SPU YXU NDU SPU.(SEP) 1437.00 -1456.00 HIGH 2 10788 1463.83 1462.50 658.33 3675.17 YXU.(SEP) 644.00 - 655.00 HIGH 1 10731 1455.67 1455.00 654.92 3622.33 MDU.(SEP) 488.00 - 509.00 PIVOT 10643 1446.33 1447.00 649.33 3582.17 RLU.(SEP) 489.00 - 512.00 LOW 1 10586 1438.17 1439.50 645.92 3529.33 KVU.(SEP) 1080.00 -1101.00 LOW 2 10498 1428.83 1431.50 640.33 3489.17 NDU.(SEP) 3489.00 -3635.00 OSAKA NKU.(SEP) 15950-16415 MARKET VANE AS OF (08-01-00) 30 VS 36 . 21-DAY M.A. BASED ON YESTERDAY'S CLOSES******* STOCHASTICS SP(SPU) YXU..658.83 SPU..1485.81 DJU..10754.30 NDU..3853.00 . HOURLY DAILY WKLY OEX..798.73 SPX..1471.34 DOW..10660.20 NDX..3811.40 %K 62.19 17.43 43.37 10-DAY TRIN..(1.054) SP 500 SEP (SPU) %D 68.99 19.99 57.66 10-DAY NAD...(-1703) FAIR VALUE+894 . SELL SELL SELL DJU FAIR VALUE+61 BUY PROGRAMS+1055 . 08/01 07/19 7/28 NDU FAIR VALUE+2847 SELL PROGRAMS+735 . .NASDAQ 100 COMMENT 08/02/00 NASDAQ 100 GLOBEX SYMBOL for SEP (DNU) . NASDAQ 100 GLOBEX HIGH 3597.00;LOW 3545.00;CLOSE 3545.00 . ND weaker than sp after being stronger than sp on Monday. This mixed up action is all part of total divergences within market's internal structure which is revealed by backing/filling and stalled rally attempts. Expect more of the same today. We made yest minor resistance 3640-3650 and yest high was 3635. Stay with same resistance for today. We made yest support 3580-3600 which was broken with 3542 low. Make new support 3540-3550. Under 3550, test 3480-3500. . PETER G. GRENNAN (08/02/00) STOCK INDEX FUTURES MARKET COMMENT . Sp took out 1448-1450 resistance but didn't get anywhere as session proceeded as expected and essentially continues to build base with lots of backing and filling. Expect more base building and backing/filling today. The stock market is all mixed up with indexes going every which way with very little if any homogeneity. Until this changes, odds favor not much sustainability on rally attempts although rally attempts are made. Revert to 1448-1450 resistance with another move over 1450.50 targeting another test of 2% under sp 21 day ma. Sp 21 day ma about 1485, making 2% below level at 1455. This move would also be test of yest 1454.50 high and bring sp close to 1455-1460 resistance band. Sp needs close over 2% level to get out of defensive mode. Support 1435-1440. Value+894;Buy+1055;Sell+735. . STOCK INDEXES TRADING RANGES (08/02/00) **COMPUTER TRADING RANGES** DJU.(SEP) 10555 - 10788 DJU SPUGLX SPU YXU NDU SPU.(SEP) 1437.00 -1456.00 HIGH 2 10788 1463.83 1462.50 658.33 3675.17 YXU.(SEP) 644.00 - 655.00 HIGH 1 10731 1455.67 1455.00 654.92 3622.33 MDU.(SEP) 488.00 - 509.00 PIVOT 10643 1446.33 1447.00 649.33 3582.17 RLU.(SEP) 489.00 - 512.00 LOW 1 10586 1438.17 1439.50 645.92 3529.33 KVU.(SEP) 1080.00 -1101.00 LOW 2 10498 1428.83 1431.50 640.33 3489.17 NDU.(SEP) 3489.00 -3635.00 OSAKA NKU.(SEP) 15950-16415 MARKET VANE AS OF (08-01-00) 30 VS 36 . 21-DAY M.A. BASED ON YESTERDAY'S CLOSES******* STOCHASTICS SP(SPU) YXU..658.83 SPU..1485.81 DJU..10754.30 NDU..3853.00 . HOURLY DAILY WKLY OEX..798.73 SPX..1471.34 DOW..10660.20 NDX..3811.40 %K 62.19 17.43 43.37 10-DAY TRIN..(1.054) SP 500 SEP (SPU) %D 68.99 19.99 57.66 10-DAY NAD...(-1703) FAIR VALUE+894 . SELL SELL SELL DJU FAIR VALUE+61 BUY PROGRAMS+1055 . 08/01 07/19 7/28 NDU FAIR VALUE+2847 SELL PROGRAMS+735 . .NASDAQ 100 COMMENT 08/02/00 NASDAQ 100 GLOBEX SYMBOL for SEP (DNU)** . NASDAQ 100 GLOBEX HIGH 3597.00;LOW 3545.00;CLOSE 3545.00 . ND weaker than sp after being stronger than sp on Monday. This mixed up action is all part of total divergences within market's internal structure which is revealed by backing/filling and stalled rally attempts. Expect more of the same today. We made yest minor resistance 3640-3650 and yest high was 3635. Stay with same resistance for today. We made yest support 3580-3600 which was broken with 3542 low. Make new support 3540-3550. Under 3550, test 3480-3500. .