Hammerstone Daily Massive

MAR'07 S&P500 ** CRUNCH ** - The MAR'07 S&P500 took a tumble and will remain vulnerable to the offer with all trading below 1414.50. Sell strength against here. A breach of 1415-1414.50 puts the index back in a big messy digest up to 1428 and 1439.75. Here again, selling is expected. 1459.75 is the high point for the expected consolidation.

- Key off the 1401 Directional for an indication of the session tone. Below here, the offers are aggressive down to 1387.50. Use caution. This break has the potential to feed on itself, targeting 1378.50-1374.50 on any new weakness. Expect a reaction. 1351 and 1333.50 are the extended targets for any sustained decline. 1291.50 is the current extreme.