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

To: Jorj X Mckie who wrote (3298)	2/21/2001 6:26:38 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 33421

>>there are no bear markets...<< Here's a lovely gift for your next Nazwhack winner...<g> crystal-gifts-awards.com

To: Jorj X Mckie who wrote (3298)	2/22/2001 12:02:45 AM
From: John Pitera	Read Replies (3) \| Respond to of 33421

NASD and SPX charts: Here is a longer term NASD chart that is log scaled and shows the .619 pullback areas near 2140 , the rising blue trendline which we have broken down through and the green rising trendline that I've favored for a while. It shows the support at 2050. the red horizontal line is the support of from the July 17th 1998 top. geocities.com Here's a one of the operative Gann Grids that just shows we came to some support today geocities.com ------------------- THE SPX: this longer term logarithmic scaled SPX chart from 1986 until today, shows that the trendline support is way down there. closing below 1233 implies lower targets. One problem with the chart is that all of the different fibonacci retracement ratios fail to create any clusters or price magnets. This is fairly unusual in my experience and one could argue that it means that we may ultimately work our way down to the oct 1998 lows. If that happens it would probably be in the middle of 2002 and we will have had rallies in between that will make this possibility of returning to the 1998 lows seem completely unreasonable geocities.com THIS LAST SPX chart is a 7 year Linear scaled chart it shows the current trendline that several have mentioned as providing support geocities.com the red horizontal lines are support areas due to a previous low and a previous high. the next few days will continue to be interesting. Art Cashin who is an exceptionally sharp guy said that if we start to really break down and sell big in the next day or two, we could see the FED ease at least a quarter point within the next day or so. another reason to feel a rally of a few months is coming pretty soon (within a few days to 2 weeks, dependant on how quickly we get down to 2140 or 2000) is that the longer term momentum indicators, such as the RSI's, MACD's and Rate of Change oscillators are set up to give not only sound buy momentum divergences on the daily charts but also on the weekly charts this is a rare event over the past 5 years and it'll be hard to not see a rally from this principle. but it alone is no guarantee of the quality or magnitude of the rally and in fact a week, thinly participated rally from what should be a forceful, explosive rally would mean that we are in fact in a larger bear period and that more money can be made on the short-side. John