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Keene Little : 11/23/2007 2:15:40 AM

I hope everyone had a great Thanksgiving dinner. Welcome back to what should be a relatively quiet day in the markets. Equity futures are up so we'll see if the bulls can finally do something a little more bull friendly than we've seen so far this week.

Friday's pivot tables: Link and Link

The market is vulnerable here so the bulls need to get a little work done. The NDX 60-min chart shows a potentially very bearish wave count in pink that says any break below 1991 could be followed by some strong selling. But until that happens we could see at least another rally leg up to the 2110 area: Link

SPX looks less bearish because of the choppy decline (overlapping highs and lows) since the high on Nov 13th. This kind of price pattern, especially with the bullish divergences, is typically an ending pattern and leads to a strong reversal. A rally above 1453 is needed to tell us a low is in for now and a rally up to at least the 1490, if not 1500, area will be next. A strong break below 1410, especially if NDX is breaking below 1990 at the same time, would be more immediately bearish. Link

The daily chart of SPX shows the importance of the uptrend line from March 2003--that's where the August decline stopped. There are a lot of reasons why that level needs to be held by the bulls. Link

OI Technical Staff : 11/22/2007 9:59:59 PM

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