Thursday, June 23, 2011

S&P (ES) Holds intraday resistance 6/22

After a hard sell off overnight and into the morning session, the S&P has pulled back a good bit from the lows to find its intraday resistance at 1268-1271 range. You can see this is the confluence of the two retracements drawn in purple and yellow. We were forming a nice shooting star through both these levels until the last minute of the hour bar shot up and kinda screwed that up, but I think we still head lower to end the session and back towards the lows.

EDIT: Of course with good greece news breaking right before the close, this doesn't seem like it will sell off to the lows. I have exited my short positions and will let this play out and find a new setup.

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