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Keene Little : 2/18/2008 11:22:20 PM

Tuesday's pivot tables: Link and Link

As I had posted Monday morning, it's hard to tell if a big move in equity futures on a holiday will have much meaning or follow through. The big rally Monday morning is down only slightly this evening so we'll have to see how it holds up into Tuesday morning. With futures up I have to wonder if we're going to see another rally leg as per the pink wave count that I've been showing on the SPX charts:
SPX 60-min: Link
SPX daily: Link

As noted on the 60-min chart, the first key level to the upside is 1369, about 20 points higher than Friday's close. ES had rallied about 17 points but currently is +13.50. And then the more important level that SPX has to break above, to put it on a path towards 1455-1460 as shown on the daily chart, is 1396. The bulls have a lot of work to do and the first task will be to see follow through on Tuesday and not a sell-the-rally reaction.

Prior to Monday's rally I had thought SPX might get a little pop higher and then start down. As shown on the 10 and 30-min charts, in case the market only makes a minor new high on Tuesday, watch for the possibility of an early rally failure:
SPX 10-min: Link
SPX 30-min: Link

The key level to the upside for NDX is last week's high near 1824--if it can get above that level then it will indicate a push at least to 1886 is likely. It could even be the start of a larger rally (for the broader markets as well), with an upside Fib projection at 1991 and its downtrend line from October.
NDX 60-min: Link
NDX daily: Link

OI Technical Staff : 2/18/2008 9:59:59 PM

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Keene Little : 2/18/2008 11:44:54 AM

It's hard to tell if a big move in equity futures on a holiday will have much meaning or follow through. But with futures up big this morning I have to wonder if we're going to see another rally leg as per the pink wave count that I've been showing on the SPX charts:
SPX 60-min: Link
SPX daily: Link

As noted on the 60-min chart, the first key level to the upside is 1369, about 20 points higher than Friday's close. Futures (ES) rallied about 17 points. And then the more important level that SPX has to break above, to put it on a path towards 1455-1460 as shown on the daily chart, is 1396. The bulls have a lot of work to do and the first task will be to see follow through on Tuesday and not a sell-the-rally reaction.

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