[/caption] support is at 1320 and 1310 the Point of control is 1326. Sellers moved in and brought the market down in the lunch hourwith 650000 contracts traded in the 3 hours before the close. Market volume is quite low with most traders gone for the weekend. Could see some closing out of positions going into the weekend as there is a bit more volatility in Saudia Arabia and disturbing news coming out of Libya. The point of control today gave some support and could be acting as a headfake to the support at 1319-20. Watch yourself here in to the close as it might seem like a good place to reverse. Next week we are looking for test to new highs. Wait for the turn on a longer term chart on this move down. Remember, we dont know if it is oversold until it turns...... S&P 500 day trading course
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