March 21, 2009 Saturday Thoughts for Next Week

Looking for more continuation to the downside next week, but expect possibly a lot of chop and smaller trading range on Monday due to Monday being the day right after a big trending day. It would be pretty ideal if we got a pullback to near the November 2008 lows on the June contract of the ES (736 on the S&P 500 e-mini futures) which is just about a 50% pullback from peak to trough of the recent upmove and then started to rally again. Many technical analysts are predicting a multi-month upmove based on bigger timeframe analysis. Who knows what will really happen though we will just have to wait and see.