Wednesday, June 15, 2011

S&P (ES) Bouncing off trendline 6/15

The hourly chart formed a trendling (shown in green) from two previous peaks on this march downwards over the last week. After yesterdays break above this and then break below it this morning, we are now testing it on the downside. I think this will be an important area to hold to determine that we continue down today and the next couple days. If you are looking to get short its as good of place as any.

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