July 7 SP 500 emini daily

The daily looks like we have some more room down. If we open with a gap down, I would expect to see a brief rally and then continuation to the downside with 1233 as first target.

Looking for a 3.5 million volume day, it looks like it is on the horizon as volume is picking up. Lots of volatility and news is sending is in all directions. Oil is adding alot of volatility to the mix also.

You would think with a $4.00 a barrel drop we might have closed positive but the market just gave up its rally before the close.

If we open gap up or neutral we can test 1260 then 1269

S&P 500 Emini Weekly chart

This is the weekly chart for the S&P 500 Emini. As you can see we have a trendline just under 1233 with another area of support at 1213. I expect us to test it this week as the Dow approaches 11,000.

Watch for some major support and buyers to come in in the the 1213 area, from here we have a nother 30 points to go for the next major support. We are also watching to see if we get new lows on the RSI for a continuation on this move.