I am going to treat Monday's session as if it were the day of the
non-farm payroll release. I would expect: a range of 16-20 points and
the printing of a short term top.
The
boxes in the chart above are of about 28 S&P points. Tacking one
onto the low on 03/31/10 of 1166 results in 1194. The upper bound of
that channel at tomorrow's end of day is also at
1194. Lastly, expecting a 16 point range, if Thursday's closing price of
1178 will be Monday's low, the high would be 1194. As such, that number
appears to be a good top target.
A coincident fact that also makes that target appealing to me is that 1194.50 would be exactly 150 points above the low of February 5th.
