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Keene Little : 7/15/2007 10:09:49 PM

Monday's pivot tables: Link and Link

DOW's daily chart shows what I think will be a likely path for price from here: Link Maybe a little higher, but not necessarily, followed by a pullback this week and then a final high into the end of the month, perhaps as high as the Fib projection at 14184. But the weekly chart shows price now up to the top of its long term parallel up-channel and urges caution from here: Link

SPX daily chart shows the same upside potential as the DOW (shown in dark green) which calls for a pullback this week before pressing higher to the upper Fib projection at 1603: Link The light green depiction (harder to see) shows a brief pullback this week and then final high by the end of the week or beginning of next, and topping out at the Fib projection at 1558 (so not much higher than last week's high). It's possible we could see a deeper retracement this week to the 1535 area.

NDX has been very bullish lately but interestingly it shows the potential to be topping here and now (dark red wave count): Link It has reached a Fib projection at 2032 and the top of a parallel up-channel for price action since the March low. So beware of the possibility that that's all there is. But if we see a choppy sideways/down consolidation this week then we should see NDX press higher into the end of the month as depicted in green, with an ultimate high perhaps around 2070.

The RUT continues to be much choppier and therefore subject to several wave count interpretations. While it's possible to count this one complete, or near complete, I'm showing a pullback and then another push higher into the end of the month (a common theme among the indices and their wave counts), perhaps topping out around 870: Link

OI Technical Staff : 7/15/2007 9:59:59 PM

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