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Keene Little : 4/7/2008 12:20:54 AM

Monday's pivot tables: Link and Link

Looking at the SPX 60-min chart you can see price finished right in the middle of its potential rising wedge pattern: Link . Depending on whether we see a rally or decline on Monday we could see the upper or lower boundary tested (1395 or 1348, resp.). There's a Fib projection to the downside near 1350 for an a-b-c pullback from last Wednesday's high which crosses the uptrend line about mid day on Monday.

If the market can keep working its way higher I see upside potential to the 1420 area by mid month, as I've been showing on the daily chart: Link . There is potential resistance in the 13000-13137 area between its October downtrend line and 200-dma. I've got a few Fib projections for the rally off the March low pointing at 13040 for a high.

But if the market declines Monday, the DOW's 120-min chart shows the bottom of a parallel up-channel is currently near 12400: Link . Fib projections for a leg down from Friday's high have potential support at 12527 and then 12419. The daily chart is similar to SPX: Link

OI Technical Staff : 4/6/2008 9:59:59 PM

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