Monday, May 23, 2011

SnP Mini Future End Of Day Macro Charts 5/23

After a very bearish 2 sessions, I think 1290-1310 will prove quite strong in standing in the way of an "oh shit" selloff of a week. I think we could go a bit lower tomorrow, but any lower will bring out buyers with strong support looming in the form of:

-all kinds of important Fibo levels between 1295-1310
-100 day VWAP (volume weighted avg price (yellow moving avg on the chart))
- Low of current bearish channel (magenta)
-Low of current bullish channel (yellow)

I am looking for a retest of 1325-1335 to sell into, but if you are one who likes to BTFD (buy the fucking dip), I think the support I cited will be strong

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