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Strategies & Market Trends : Galapagos Islands

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To: Jorj X Mckie who wrote (28424)	2/23/2003 2:53:41 PM
From: SusieQ1065	Read Replies (1) of 57110

here's an SPX chart for you from the futures guy on OI... A badger is the most ferocious animal when backed into the corner. Have bullish investors decided that now is the time to come out fighting and start buying pullbacks? The March E-mini S&P 500 Contract (ES03H) Bulls were actually in control on Friday for all but around 25 minutes of trading. The "wildcard support" at 833 was tested (near S1 as well), but bulls kept the contract from getting to the weekly pivot of 828.50. In fact, the ES fell almost exactly to the 50% level of the rise from 805.25 to 853.25. Bullish as well. I compiled a ton of retracement and pivot analysis studies, and the chart below highlights what I have found. The "Resistance Zone" from 850-854 is moved higher to 854-857, with more resistance above at 861.25 and then from 865 to 867. Support is felt at 838, and then from 829 to 831. Note that Monday's pivot lies at 843, and should offer slight support. Also note that R1 is within the new zone of resistance. With the ES contract currently in a new bullish regression channel and above the long-term trend line (blue), bears will have to keep tight stops just in case the rebound grows legs. optioninvestor.com

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