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Marc Eckelberry : 8/28/2006 1:34:53 AM

Aug. 28 (Bloomberg) -- Crude oil ended a two-day advance in New York on signs a tropical storm in the Caribbean will miss key rigs and platforms in the Gulf of Mexico.

QM support 71.50. Resistance 72.85.

Keene Little : 8/27/2006 11:52:55 PM

For much of last Thursday and Friday I kept thinking, and waiting, for the next leg higher. But now I'm not so sure that's going to happen. The way price has been chopping higher along the uptrend line from Aug 11th, it looks like a continuation pattern in a downside move. It looks like this is ready for the next leg down. Link

The uptrend line from July 18th is currently near 1290. Last week's low is 1291.50 so there might be support in this area. But if we get two equal legs down from Aug 18th then we get a downside target of 1284.25. The price pattern could form a parallel down-channel, as drawn on the chart above, which would suggest 1284.25 by this coming Wednesday.

But if the 2nd leg down (assuming we're going to get another leg down) goes to 162% of the 1st leg down (a common relationship) then we get a downside target of 1274.25. The gap from Aug 15th is at 1273.50 so that makes an interesting target area.

I've been saying the past couple of days that each previous day's low could not be violated otherwise the bullish potential would be negated. We're still in that situation--if ES can hold above Friday's 1295.50 low then there's the potential for this to resolve to the upside (which it would probably do with a bang to the upside). But any break below 1295 and I'd say we should start looking for those downside targets instead.

Jeff Bailey : 8/27/2006 11:18:42 PM

YM Pivot Matrix (reg. sess. h/l/c found at this Link

Jeff Bailey : 8/27/2006 10:43:37 PM

Pivot Matrix for Monday found at this Link

Jeff Bailey : 8/27/2006 10:43:10 PM

Prior 3 Weekly Pivot Matrix found at this Link

Keene Little : 8/27/2006 10:29:27 PM

Monday's pivot tables: Link and Link

OI Technical Staff : 8/27/2006 9:59:59 PM

The Market Monitor has been archived. You may view it and any previous days here: Link

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Jeff Bailey : 8/27/2006 9:00:53 PM

Index Pivot Matrix for Monday at this Link

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