Daily Numbers for Monday, Nov. 5/07

Summary

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ES Resistance @1524-1528, 1534-1538, 1548-1552, 1558-1561, 1574-1578
ES support @1496-1500

VAH=1512.75
POC=1507.75 (2-day downtrend)
VAL=1501.75
Weekly Pivot @1424.25

Open gap @1490 (9/17)


Well, thanks to yahoos like the Meredith Whitney's of this world, it looks like the November rally that I talked about is in jeopardy. The winds of sentiment change are blowing about.
China looks like it is topping out. Everyone and their grandma's pet dog is saying that the American economy is the most influential economy in the world, but the last time China sneezed (back in Feb/07), the US markets caught a cold.

The trend day selloff from Oct. 19/07 was the warning shot across the bow. The BPSPX is in no man's land, but unfortunately, never recovered from that day's selloff and now it has been trending down.

Everything not tech is looking a bit ominous here.
The market really needs to take out 1530 in order for the up trend to be intact.
But as for tomorrow, I think we will see another retest of the 1500 level. On Linda Raschke's site, she put up a chart indicating 1509 as a potential make it or break it level. Overnight futures session is currently down just over 0.5% from Friday's close, indicating an increased probability of a gap down to open the week tomorrow. If we don't test 1500, then we will likely see a run-up to test the 1525 level.
These will be the three numbers that I will be watching for tomorrow's session (plus a possible 7am reversal play).