Wednesday, June 22, 2011

S&P (ES) Muddles around resistance, holds 6/22

The S&P hourly chart on the left has been a little worrisome for anyone short the last couple days, and as I had warned in a post a few days ago I thought that we would ultimately reach 1288-1290 before having a chance to head back down. So after hovering around this resistance which was tested a couple other times, but not at all since marking its relative low at 1252.25, we finally start to sell off and seem to have held it. If you had shorted at this level I think it can be held for more opportunity, but if we head back up to 1288-1290 tomorrow I would be weary and ready to get out.

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