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

To: Hawkmoon who wrote (3765)	4/18/2001 12:55:31 PM
From: John Pitera	Respond to of 33421

Both the SPX and the NASD have inverse Head and Shoulder Bottoms that they have Broken out of today... Those levels I have mentioned NASD 1960 and 1285-1290......just got blown away. BIG TIME. the SPX has powered through it's 50 dma @ 1218 and the NASD has moved above it's 50 dma which is at 2082. The DJIA has obviously blown through resistance at 10300 as it races higher. and is currently above it's 200 dma which is @ 10615. THE SPX 200 dma is way up at 1360.....a long way off and the NASD 200 dma is 3082. one thing to remember is that the WEEKLY stocastics and RSI's are still oversold The article I recently posted here by Don Luskin, where he points out how much room there is to go still to get back to areas like the NASD 200 dma. shorter term 2250-2300 is NASD resistance. And there is still a chance for selling to come in this afternoon and push us back below the NASD 50 dma @ 2082. I personally think the big bond market sell off the past week helped push the FED into easing today. John