Sunday, February 14, 2010

S&P500 Emini futures support and resistance

Friday 2/12 opened at 1064.75 coming off a down trend during pre-market times. The down trend continued until the resistance area around 1060 was hit, sideways action occurred until roughly  11:00am EST when crude inventory news release occurred. A strong up trend occurred until 1072, close to the 1075 resistance line that price action hit twice this week but could not overcome. This same resistance (1075) was challenged a few hours later, but again it was not overcome. It would not be until market closing that enough buyers came into the market to break this resistance line with price reaching 1080 and then dropping. Half of the day showed a pattern of higher highs, giving a great trading channel closing at 1075.50. On long term charts higher highs were noted this last week until Friday, giving a double top possibly indicating a break of this channel. Look for possible down trend on Monday testing the strong resistance at 1060. If it breaks this resistnace the next floor i! s at 1040. Ceiling resistance lines at 1080 at 1100.

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