OutLook for week of Apr 27/09

Summary

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ES:
BPSPX indicates overbought conditions, but so what, it's been overbought for weeks now. $NYSI has been so overbought, that it makes me wonder if the lows put in in mid-March was THE bottom of this bear market.
ES opened Sunday evening's session with a gap down, and never filled the gap. This is bearish. Will we see a repeat of last monday's selloff ? History does not always repeat, but it does have a way of rhyming, right ?
If ES makes it back above 858, I will be looking for a good place (and time) to short. Beyond that, there is plenty of support zones (mid 820's, mid 830's, mid 840's). In my opinion, the strength of the bulls will be measured by how much time ES spends above or below the mid 830's. Of course, we could also wind up with a directionless chopfest, in which case i will look for small scalps of 1 or 2pts.

As for the Euro, 1.315 should be an area of support, so I will monitor for an opportunity to go for a quick long trade.