Speaking of hitting support/resistance --
it doesn't get any better:

The monthly Q's are holding up pretty well so far.

Things may not be quite back to normal in the marketplace, but at least the reaction to an overbought market and a Gravity date was.

ES entering the congestion zone:

Climbing the proverbial wall of worry, and getting overbought in the process.



Question is: when will the shorts realize that ?

It was interesting to read that Bill McLaren is looking at the last leg of the same fractal I first wrote about on 6.25.08.

Here's an update with some additional time and price projections:

The real test for this upswing is coming tomorrow:

The 80 point drop from an overbought barometer reading (>36) was quickly followed by a 44 point blast from oversold levels (<16).

The same pitchfork on a 60 min. frame but with additional support/resistance lines and a new channel within:

Since becoming overbought on 07/08/08 the SPX has lost about 80 points.

1236 seems to be the new line in the sand for the ES,
followed by 1225:



while short-term 1260 is the key resistance level.

So far, in pre-open, the ES rebounding from the point where the median line meets support.

Still hugging the median line:

Once again, what used to be support, now became resistance:


It can't be seen on the September futures, but if the 07.07.08 low fails, next support is around 1220.

For the long and festive week-end, let's listen to the story oil wants to tell:

A look at ES support/resistance levels before the open,



and a quick update of the June 25th comparative chart:

Back at the "scene of the crime", or the "Moment of Truth" for the SPX,



and, filling the gaps for the Q's,




while free fallin' for the Dow

Hitting both a support/resistance line and angle.