Monday, May 23, 2011

Russell 2000 Mini Future End Of Day Macro Charts 5/23

The bearish channel (magenta) is in control. Short term, the Fibonacci cluster at 8060-8100, as well as the 100 day VWAP (yellow) at 8135, should provide good support and prevent price from reaching the lows of the channel. A test of the channel midpoint should be the first test of if this thesis is valid. Should the midpoint provide meaningful resistance, I will be more inclined to discount the 8100 support and look for a test of the lows of the channel near 8000.

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