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Keene Little : 1/5/2009 11:42:40 PM

Tuesday's pivot table: Link

The parallel up-channel from last Monday, December 29th, was broken by SPX today so it's up to the bulls now to quickly recover by getting at least back above Monday's high (936.63). A quick retest of the broken uptrend line, near 933 Tuesday morning, would be a potential kiss goodbye and short play setup. SPX 15-min chart: Link

If the bulls can recover first thing in the morning there is still the potential to see a rally at least up to 953 before turning back down, shown in pink on the 120-min chart: Link . If the market starts to drop lower I'll be looking for evidence as to whether or not we can expect a larger drop into January or a continuation of the rally. At this point it's too early to tell.

Jeff Bailey : 1/5/2009 10:38:42 PM

YM settled 8,918 on Monday.

DJIA closed 8,952.89 on Monday, from which Fair Value for DJIA is calculated.

Jeff Bailey : 1/5/2009 10:38:37 PM

Subscriber Email: ... Jeff, For those of us who do not have an access to live YM quotes and if it is not too much trouble, Could you post the difference between the Dow and YM when you post the stop/target? eg: YM 8922 DJIA 8945 Or do you know where I can get delayed or current quotes to compare the difference at certain times?

Jeff's Reply: ... I'm doing "good" if I can type the YM (entry, stop, target) levels accurate and in a timely fashion for traders, so I don't think I'll be able to jump over the DJIA benchmarks (DIA, DJX).

HOWEVER!!!! I'll note that during REGULAR SESSION ... YM high/low was 8,990/8,841. DJIA REGULAR SESSION (it DOES NOT HAVE AN OVERNIGHT SESSION) was 9,033.66 (call it 9,033)/8,892.68 (call it 8,893).

So, CASH high +43 from futures. Cash low +52 from futures.

Now, tomorrow (Tuesday), Fair Value for the Dow Jones Mar'09 futures is -43.41. So, a trader could ADD 43.41 (give/take a couple points for arbitrage) to YM to get CASH equivalent.

OI Technical Staff : 1/5/2009 9:59:59 PM

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