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

To: hugh thorne who wrote (2786)	9/7/2000 5:37:52 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 33421

Hugh, Topping and bottom activities are some of the most important TA formations found on charts. They are something everyone wants to discover, define and create indicators to determine. Looking over TA books like Murphy's gives you an understanding of their complexity. The Nasdaq's recent top on 9/1 can be viewed separately or in conjunction with July and with the very clear "M" or double top in March. I view this recent market burst past the established trendline as a spike up in a bear trending market, which the Nasdaq is establishing over the last 7 months..! Furthermore.., if you look carefully you will see that it can be viewed as a double top and in fact as another "M" Top. This suggests the selling pressures are not over for the Nasdaq and that a retest of 3000 is very possible. If the market retraces off this early Sept peak and breaks 3685, that could easily happen. If the market moves back up from here and makes a new top above 4259.87 this chart read is wrong. Reading charts is a combination of using the left brain, right brain and the core intuition...! Sometimes they work together. <smile> "rule of thumb"'s are less reliable these days. Only change is reliable. Chip