Looking at the 1500 TICK chart for ESM08, we have a equilibrium zone between 1350 - 1360, which the market traded quickly through on Friday morning following the earnings news from GE. 1350 is now resistance. We also have a smaller equilibrium zone between 1345 - 1350, which may also act as resistance.
Looking at the S&P 500 Index 60 Minute Chart, the market has remained between 1310 - 1390 for the last three weeks. Fridays weak market has still stayed above the 78% correction line relative to the last uptrend wave. To the downside, look for the market's reaction to any test of the 1310 - 1313 area.
Retail Sales at 0830 ET.
Business Invetories at 1000 ET.
Bill Auctions at 1300 ET.
Charles
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