Keeping it simple on the E-mini's

[FibbGann]

Chart says it all.

[FibbGann]

Play the break of this channel

[FibbGann]

Nothing like walking of the cliff.

hehe

[FibbGann]

Here is the new game. Play the channel and if we break the lower channel (cyan) look for the following support levels: 117300, 117100, 116300.

That was a very nice 9 point short.

[FibbGann]

Stay with the channel until the chart says otherwise.

[FibbGann]

A look at the Spoo's for this week.

What to watch for this week...

We have a slight upside bias for this weeks markets.

Upside targets: 1188, 1192, 119525, 119850, 112175, 120625, 120750

Downside targets: 118350, 1176, 117225, 116775, 1160.25


Daily chart with the support resistance areas:




Last weeks 60 minute double bottom support with the RSI gaining strength for the short term:



60 minute downtrend line is being crossed to the upside in over night trading. Chart also showing the positive divergence that started last week. Watch for the 200MA on the 60 minute to be the possible high target stopper for this week.



Here is a weekly chart showing the support area from March 2004. In the short-term this should be the saving point in order to keep this "Bull Market" intact. This support is 1157 to the 1163 area
If we were to breach the 1157 area it is highly likely we will see the longs to start piling out in the masses. If this happens look for 1143 to 1134 to be the next support area and a high possibility of the end of the "Bull Market." Thus leading us into the projection of an Elliot wave A B C pattern (torture for short-term traders as if 2004 wasn't enough!) or the beginning of a 5 stage Elliot wave downtrend.



Also do not forget the Nymex Oil futures for they too are now a burden once again on the markets!
A chart of this was posted below last week.

[FibbGann]

Watch for the market to catch a bid soon in the area of 1160. A close below 1154 on the week would mean trouble!

[FibbGann]

Some points on this weeks Spoos:


Oil & Inflation fears have the buyers on strike.
RSI has failed to get any strength.
All rallies last week failed miserably.
If we break the support area in the chart below look for the next stops to be the 200 SMA currently @ 1153.
Under the 200 day moving average we go to 114375 for the next support area.

Descending wedge on the Nas here with a 50% retracement from the last run off August 04 lows. If we don't hold the 1473 area look for the next stop to be 1432 @ the .68 fibonacci retracement mark with some price support.

Biggest factor this week will be earnings and oil in our opinion.

RSI indicator is slightly positive, but still no catalyst for the upside.

[FibbGann]

Bear Flag worked out perfectly after a few wild days.

High for this weeks prediction hit dead on for the spoos for first target.

missed the low by 00.25

114375 target met look for 113150 area to be a short-term extreme bottom.

Chart of the Week for next week wil be Electronic Arts (ERTS).

[FibbGann]

S&P Emini's

Had to do a 260 minute chart just to fit in the point here. Coming back up to test the break of the head and shoulders neck line. Don't become a bull just yet for there is a high probability we will go back down to fill this gap over Wednesday night.

Key number to watch is 1166.75!!! If we close well above that for the week then we can be bullish somewhat.

[FibbGann]

What to watch for in regards of the range of oil. A breach of these numbers can have a major effect either way. (excluding the Fed's )