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Keene Little : 5/12/2008 12:16:37 AM

Monday's pivot tables: Link and Link

SPX found support at its uptrend line from March and its 38% retracement of the October-January decline, both at 1387. Using the arithmetic scale on the chart, price is currently back under the downtrend line from October so it needs a rally on Monday for the bulls to get a save here: Link

The 60-min chart shows more closely the trend lines to watch including the one along the lows since April 22nd, currently near 1397 (watch for a possible retest and failure). A break below Friday's low near 1384 would spell trouble for the bulls. Link

The DOW's daily chart shows it found support at both its uptrend line from March and its downtrend line from October (again, using the arithmetic scale on this chart): Link . The 60-min chart shows it broke slightly below support on Friday and then recovered so it's very important for the bulls to rally on Monday: Link

OI Technical Staff : 5/11/2008 9:59:59 PM

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