Monday, May 23, 2011

SnP Mini Future Daily Chart 5/23 10:00AM CST

Volume Weighted Moving Avgs (VWAP)
Red - 20 Day
Blue - 50 Day
Yellow - 100 Day

Having Broken Down off of the 20 Day VWAP and the top of the most recent bearish channel (magenta), and today having firmly gotten through 1320-1325 area, should we stay under the 50 day VWAP at 1316.75, I would look to see it test 1308-1310 (100 day VWAP and 50% from March "Japan" lows to May 2nd High).

Should it fall further, 1290-1300 will provide good support (low of bearish channel, deep fib retrace (61.8%) of japan low to may high, and shallow fib retrace (38.2%) of Nov 2010 lows to May 2nd High)

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