Hammerstone Daily Massive

SEP'07 S&P500 ** IS THAT IT? ** - The SEP'07 S&P500 attained our initial target and will stay on the defensive below 1536.50. Stay nimble. This is the lid keeping yesterday's pressure on the market's mind. A held trade above here and the contract starts to take back lost ground up to 1542.75 and 1550.50- 1549.75. Keep it tight. Although a test of this resistance is positive, a fall back into a sideways digest is expected. A breach of 1550.50-1549.75 puts the index back in gear with 1574.25 and 1585.25 the extended targets.

- 1530.25 is the base keeping this market/s legs under it. A failure here and the index goes on watch down to 1524-1523. Stay nimble. It's hold or fold. A failure and the heat is turned to high, extending the weakness down to 1511and 1496.50 on any hard hit. 1456 and 1442.50 are the current extremes.