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Friday, October 07, 2011 3:18:23 PM
Eyeing Emini S&P Support By MPtrader
* Friday, October 07, 2011
The decline in the emini S&P 500 off this morning's high at 1173.75 violated very important near-term support at 1151-1150. This has triggered an initial downside follow-through to 1144.75, likely on the way to test more important support at 1135-1130 next.
If that support zone is violated and sustained, then we should expect downside continuation that revisits the 1090-1070 area, which will represent a retest of last Tuesday's lows.
On the other hand, if it turns out that today's weakness in the index so far is part of a topping process and the e-SPZ manages to claw its way back above 1150-1153, then we should expect additional strength into the 1162-11165 area prior to a more pronounced "rollover."
http://www.mptrader.com/middayminute/
George.
Click on "In reply to", for Authors past commentaries.
* Friday, October 07, 2011
The decline in the emini S&P 500 off this morning's high at 1173.75 violated very important near-term support at 1151-1150. This has triggered an initial downside follow-through to 1144.75, likely on the way to test more important support at 1135-1130 next.
If that support zone is violated and sustained, then we should expect downside continuation that revisits the 1090-1070 area, which will represent a retest of last Tuesday's lows.
On the other hand, if it turns out that today's weakness in the index so far is part of a topping process and the e-SPZ manages to claw its way back above 1150-1153, then we should expect additional strength into the 1162-11165 area prior to a more pronounced "rollover."
http://www.mptrader.com/middayminute/
George.
Click on "In reply to", for Authors past commentaries.
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