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Marc Eckelberry : 7/31/2006 2:14:54 AM

Alert: NQ day s1 and weekly pivot at 1500/1501, so the long from 1486 stays open with stop at 1496. 20 dma is 1512 so there is no question the outlook is bullish above 1510/1512.

Keene Little : 7/30/2006 11:09:48 PM

Friday's rally was a surprise to me. After hitting its upside Fib target at 1281.50 on Thursday and pulling back from the top of its ascending wedge it looked like a great setup for a short play. But Friday's rally should have stopped anyone out of their short as it pushed to a new high. It pushed up to but hasn't been able to break above the top of its wedge. With an early morning push on Monday it could give us a little throw-over while closing the gap left on July 5th. Link

The continuing negative divergences at new price highs supports the bearish interpretation of this ascending wedge and is the reason I'm looking for a setup to get short. I'm thinking Friday's rally was a bull trap but we'll have to see if the bulls can keep the trap from being sprung.

First level of support for ES is its uptrend line from July 21st at 1274, gap close at 1272 and then the next uptrend line at 1264. If price continues to chop its way higher inside its wedge it will continue to be bearish but it'll make finding an entry a little tougher. If it blasts out the top of the wedge that would be very bullish and I would stop trying to find a short--buy with the bulls if that happens.

Keene Little : 7/30/2006 10:57:04 PM

Monday's pivot tables: Link and Link

OI Technical Staff : 7/30/2006 9:59:59 PM

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