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

To: Hawkmoon who wrote (4860)	10/16/2001 2:37:26 PM
From: All Mtn Ski	Respond to of 33421

The dips are being bought, intra-day, thus the supportive action we've seen lately. I waiting for one more big up day to unload most of my positions, INTC may be the catalyst for tomorrow. Tom

To: Hawkmoon who wrote (4860)	10/16/2001 3:46:29 PM
From: John Pitera	Read Replies (2) \| Respond to of 33421

No to worry Hawk, The NASD is fast approaching it's 50 dma at 1745 we're at 1718 currently with 13 minutes to go. The SPX has it's 50 day MA at 1108 which is only 12 points away. We've been under these continuously since mid June and both averages were great sells when they came up to the 50 dma at the start of August. The Nasd was also a sell when it approached the 50 dma from underneath in late june. we're also seeing momentum sell divergences on the 30 minute nasd bar chart over the past few days. The Pattern also looks something like a bearish ascending wedge. The NDX is even a bit closer to it's 50 dma at 1716. Now also, the NASD and the NDX are coming right up to daily downtrend lines and you've got to expect technical selling due to that. The NASD is coming back to the trendline that it broke down through earlier this year and that is another resistance point. THE SOX have come back up to their April lows, which are now providing horizontal overhead resistance and hence are creating technical selling host.wallstreetcity.com; The DJIA has come right back to the March and early April Lows and ...and hence technically some selling should be expected the brokers coming right up to resistance host.wallstreetcity.com The 10 year notes have had a tremendous run since July and came oh so close to 110 on Oct 3rd, it appears that they may stall out as they try to retest the 110 area basis Dec, but that will also be a function of the equity market performance. As you can see we're coming into significant resistance areas on the daily charts and studies and notice how we've rallied for over 3 solid weeks in the SPX and yet the VIX is over 35 still. from May until the start of Sept we could not get the VIX above 28 to save our lives -g-