ES has that 100% projection from September at 1398.50, but before we get there, I mentioned SPX 2001 high at 1383.37. If we look at ES fib projections from last week on this hourly chart, we can clearly see the resistance levels (1386.50, 38.2% is precise). 61.8% is 1390.25, and that woudl not exceed SPX 2001 high by much and could be the overnight high should crude keep a bid. If we do move above 1390.25, next stop is 100% last week at 1396.50 and then of course 1398.50. But for now, let's stick with 1390.25, a big hurdle.
This entry was posted
on Wednesday, October 25, 2006 at 10:33 PM.
