Tuesday, June 14, 2011

SNP Finishing a Dead Cat Bounce. 1279 Key Resistance. 7:16 AM CST 6/14

(Chart 1 - Snp September future 30 min chart)
(Chart 2 - Snp September future daily chart)

The SnP broke out of its daily bearish channel (magenta) Jun 6th.
Now the bottom of that is important resistance, and personally I don't see us closing back in it.
1279.25 is also very very important. Look at the 30 min chart with the tall upside wicks on the recent candles that are near this area. This shows others are selling here too.

If we run up into 1277-1280, I like the sale for a move down to 1250.

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