See that now (IHS on 30-min), the left shoulder low is slightly higher than the pivot today at 879 ... But normal big rally day usually followed by retracement to pivot or even 50% (65).
860-65 is a congested area on mp, a lot of nips,thur,wed and 10/28-----9/29 nip 936-7,10/31-938-9, monday 919-922 ,congested upside area
Bringing price back there is a major defeat of the bulls. To finish the week off with a close higher than yesterday will print the weekly with a nice positive hammer ... So if we travel all the way down there, we will need a 30+ pt rally at the end of the day to get the weekly print. Just thinking about that is scary.
Well, if I do the math from yesterday's low (818) instead of Wendesday's close (850) then we already reached the failure zone and we don't need to go higher. I wouldn't be surprized today to get a -40 down day....
11-14-08 09:26 AM 890 buy area. --------------- 912 is target. If we fail there and you catch a short hold to 881.