The Pivot Point for the ES for Monday, 4/6/09: 833.25
R1 843.75, R2 849.25, R3 865.25
S1 827.75, S2 817.25, S3 801.25
EPS estimates are generally low and the markets have been been climbing despite ugly economic news. If the market can climb on ugly Payroll numbers, UnEmployment & ISM data the ES, YM & NQ can climb on weak EPS data. We may get a little pullback. I think ES might go back to 814 - 817, S1 827.75, S2 817.25 for Monday but I think we re-test 13-wk high 939.25.
Fibonacci Re-Tracements & Extensions:
ES 768.25 is 38% from 52-wk low of 662.75. ES 833.50 is 38% from 13-wk high ES 939.25.
14-Day RSI at 70%: 899.50. ES 900 is a major psychological barrier to the market. ES 900 is also a 35%+ move up from 52-wk low of 662.75 for ESM9.
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