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Keene Little : 2/24/2008 11:57:59 PM

Monday's pivot tables: Link and Link

The big jump off Friday afternoon's low looks like it could get some follow through to the upside if this evening's rally in the equity futures holds into the morning. As has been true for a week and a half, the key levels to the upside for at least a short term bullish price move are the Feb 13th highs. Those are at SPX 1369, DOW 12572 and NDX 1824.

The key levels for the downside, which could indicate a significant breakdown in progress, are the Feb 11th lows although a break of Friday's lows now would be a bearish heads up. The Feb 11th lows are at SPX 1317, DOW 12070 and NDX 1715. All are shown on these updated 60-min charts:
SPX: Link
DOW: Link
NDX: Link

NDX has had one of the cleanest sideways triangle patterns playing out and Friday's low came close to testing the bottom of it before the monster buy programs hit. Now we'll watch to see if the top of the pattern, near 1794, gets tested. Watch for a possible throw-over finish and then drop back down inside. This pattern looks like it should resolve to the downside.

OI Technical Staff : 2/24/2008 9:59:59 PM

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