Keene Little : 4/7/2008 12:20:54 AM
Monday's pivot tables: 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
The Market Monitor has been archived. You may view it and any previous days here: Link
Disclaimer: Stocks discussed in the Market Monitor are for educational purposes only and any analysis is not meant to imply a recommendation for or against that stock. The analysts in this forum as on any other website are prohibited by the SEC from giving any specific advice to ANY individual trader. All information posted is for ALL readers and is not meant to be directed to any individual. Our analysts cannot answer any email questions regarding any specific stock. Please do not ask and please do not take offense if requests are denied.
Results posted in the Market Monitor are hypothetical and OIN does not claim that any reader achieved these exact results. Due to the lag time between research, writing, posting, uploading, reading and execution there will be differences between the actual signal given and the fill achieved by the reader. Fills may be better or worse but in most cases they will be different. The writers will make every effort to give advance notice of intended signals and indicate potential price targets. Your individual results may vary depending on your activity level and aggressiveness. This forum is intended as an education service only. Trading involves risk and should not be attempted by anyone not ready to accept this risk. By acting on any signal in this forum you agree and personally accept this risk.