Keene Little : 2/11/2008 1:01:29 AM
Monday's pivot tables: Link
This DOW 10-min chart was shown late Friday to show what I thought would make for a good end for the pullback from Thursday's high--one more leg down to a little lower than Friday's low, but above 12050, to set up a rally: Link
The 30-min chart shows how the setup would look if we get a rally leg out of the dip lower: Link
. Assuming the DOW finds support around a Fib projection near 12070, the potential out of this pattern is for a rally up to a Fib projection near 12400.
Equity futures are down tonight but there's no telling what it will look like by the open. Not shown, but if we see a strong decline tomorrow, with a break below DOW 12K, then the larger price pattern will turn very bearish. I'll worry about that if it happens but be aware to the bearish statement the market is making if it happens. The other possibility is a continuation of sideways chop shown on the SPX 30-min chart (pink): Link
Watch the key price levels noted on the chart to help guide us as to which way to trade this beast.
OI Technical Staff : 2/10/2008 9:59:59 PM
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