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To: the-phoenix who wrote (132739)	5/13/2006 6:33:55 PM
From: skinowski	Read Replies (2) \| Respond to of 209892

Yes, NDX 1630-ish is an important support area. If it cannot hold, that would be bearish. Generally, this market needs to attract buyers pretty soon in order to avoid serious damage. I have SPX closing below the lower line of the ED which I kept posting ad nauseam: Message 22439843 Key Support here is April 17 low of right under 1281. Notice that the (12,26,9) MACD on the daily SPX on Friday gave a decisive sell signal. This time of the year I pay attention to such things. The "freshness" of the down impulse on INDU also impresses me. Looks like a bounce should be shorted for at least a re-test (or a matching move).

To: the-phoenix who wrote (132739)	5/18/2006 8:26:17 AM
From: skinowski	Read Replies (1) \| Respond to of 209892

NDX is below your Support level. It seems like a bounce is about to materialize out of this oversold condition. Looking at SPX, the decline of the past 2 days was impulsive - giving us an important resistance level - the top of May 16 of 1298, which is also approx. 50% retracement of the decline up to date. I wish I could call this "Key" resistance, but I can't, since the wiggles of May 8-10 may contain a Wave 1 - which would make yesterday's low the end of the entire impulse. The way things stand at this time, I'd say that above 1304 (62%) the odds would be increasing that we may see new highs - which I do not expect.