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Keene Little : 10/5/2008 11:17:21 PM

Monday's pivot table: Link

Equity futures are down fairly hard Sunday night (YM is currently -160, up 20 from its low so far of 10180 and ES is -17 up 4.50 from its low of 1087.75) but there's lots of time before Monday's open and literally anything can happen. The key level for SPX to the downside is 1066 which would be a break of some important Fib levels at 1077 and 1073 and then the bottom of its parallel channels from October and May. I had mentioned Friday afternoon that the EW pattern is a scary setup for a crash so a gap down on Monday morning could lead to serious selling. But if there's a magic recovery overnight then we could see at least a small rally start this week. Daily chart: Link

If NDX breaks down any further it will break below the bottom of its down-channel from October as well as a short-term channel from August. Daily chart: Link . Looking at one of the tech leaders, it may be leading us in the wrong direction now. GOOG closed below the March lows and looks like it will head lower. If there's a H&S neckline near 440 the downside projection is down to about $130. GOOG weekly chart: Link

OI Technical Staff : 10/5/2008 9:59:59 PM

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