Wednesday, June 22, 2011

SnP Resistance Overhead. 6:09 PM CST 6/22

(Chart 1 Daily SnP future)

Sandwich did a post not too long ago here on the SnP as well, but I wanted to get my 2 cents in.

1279.5-1299 is the "trading zone" in MML theory. Essentially, it is hard for price to get in there, and once it is in there for 5 or so days it is hard to get out.

I believe that shorting this area for a move down to 1250 (whose speed is governed by the slope of the bottom of the magenta trend channel) will be a good trade.

A close with any conviction over 1300, and I begin to get bullish however.

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