Option Investor
Archive
HAVING TROUBLE PRINTING?
Printer friendly version
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

The Market Monitor has been archived.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.

Market Monitor Archives