S&P futures 1/18/2005

[MTM]

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:

http://www.masteringthemarkets.com/gallery/files/1/spf1.png


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

http://www.masteringthemarkets.com/gallery/files/1/spf2.png

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.

http://www.masteringthemarkets.com/gallery/files/1/spf3.png

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.

http://www.masteringthemarkets.com/gallery/files/1/spf4.png

Also do not forget the Nymex Oil futures for they too are now a burden once again on the markets!