Wednesday, May 25, 2011

SnP Mini Future End Of Day Macro Charts 5/25

Wow.... what a session. After a complete meltdown during the Asian hrs, we retraced it all the way and ended up pushing new highs for much of the day. High of the day stalled at the 50% retrace (1325) from the highs of May 19th, to the lows of today. This is also the 38% from the Japan lows to the May 2nd highs which was good support, and is now resistance.

As long as we don't penetrate today's high, I still feel rallies can be sold for an eventual test of the 1290-1300 support area. Any close over 1325 and all bets are off.....

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