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Keene Little : 11/25/2007 10:30:18 PM

Monday's pivot tables: Link and Link

With SPX breaking its downtrend line from Nov 14th, and above 1436.51 where its bounce off last Tuesday's low had two equal legs up, it's now looking like there's the potential to rally at least up near 1450. In what could be just an a-b-c bounce off Wednesday's low the 2nd leg up would achieve 162% of the 1st leg up at 1449.31 which is close to its broken Aug-Nov uptrend line and downtrend line from Oct 31st sitting near 1449. Link

The 30-min chart shows what I'll be watching for on Monday--either an immediate selloff or a brief rally to the 1449-1450 area followed by more selling (shown in pink). The key level for the bulls is a break above 1453 but watch 1449-1450 for resistance if it gets there. This daily chart shows the key level for the bears is about 1410 which would be a break below last Wednesday's low and a break of its uptrend line from March 2003: Link

NDX closed on its downtrend line from Nov 7th, leaving us guessing what it will do on Monday. It's in between its two key levels of 2063 to the upside and 1988 to the downside. Keep an eye on the trend lines for RSI since that could provide some clues as to which way this one will head next (see Linda's weekend Traders Corner article in which she did a good job in explaining the use of trend lines on the oscillators and in particular on RSI). Link

OI Technical Staff : 11/25/2007 9:59:59 PM

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