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Keene Little : 5/13/2007 10:43:08 PM

Monday's pivot tables: Link and Link

The 4 indices' roadmaps for Monday (60-min charts):
DOW: Link
SPX: Link
NDX: Link
RUT: Link

All 4 look the same in that the decline from Wednesday's high is either the start of something much larger to the downside or else it ended a larger sideways/down correction from the Friday May 4th high. The latter is bullish in that it means we'll see new market highs, as per the green bullish wave counts on each of the charts, which will be confirmed with a rally above Wednesday's highs. A drop back below Thursday's lows would say the bearish wave count is the winner.

The DOW is the closest to making a new high above Wednesday's so that's the one that could give us the first bullish heads up. On the other hand the RUT is the weakest so it could be the first to break to a new low. Whichever one breaks the high or low first I suspect the others will in the same pattern. SPX will need to rally immediately otherwise it's in danger of leaving a kiss goodbye against its broken uptrend line from April 12th (NDX is close but hasn't tested it yet.

OI Technical Staff : 5/13/2007 9:59:59 PM

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