Wednesday, May 23, 2012

Market pulls back, but still in range.

The emini s&p futures pulled back on Monday, but staying in its current trading range. You can see the futures found support around 1127 which was resistance in early August, and support over the past weeks. The move down today did break through an ascending trendline on the daily chart below. Any break below 1127 should bring the emini s&p futures to test its next support around 1117. However if this were to happen, then more importantly this would be a breakdown of the current trading range. Resistance remains the same, as all eyes seem to still be on the range of 1130-1150 for the SPX.



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