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Homework for Friday 2009.02.19

19. February 2009
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ES - A full week of down days?  The Dow is how at a double bottom with the 11/2008 lows.  Will we bounce or take a plunge into the abyss?

Looking to short 786-788 area (50% pullback and 180+90 gann level).  If market is weak, 777.50 (lower gann level 180+90+30)

  • Initial target 770.25 (1.236 projection off 50% pullback to 786)
  • Extreme low target of 759.  (360 gann and trendchannel)
 
If the market hits the above "extreme target" it will probably mean the following markets will hit the targets below.  We may see a huge bounce off those levels if hit tomorrow.
  • Dow $INDU = 7281
  • Transports $TRAN = 2614 
  • Nasdaq $NDX = 1140
  • S&P $SPX = 753

 

Homework