Tuesday, July 19, 2011

SnP Mini Future Daily Chart 6:45AM 7/19

(chart 1 - snp daily chart zoomed)
(chart 2 - snp daily chart)

OK, here is the SNP 500 september future.
Price is bracketed between significant support and resistance.

We have support at 1295 (62% fib retrace of jun-jul rally and high of june chop/stall zone).
We have resistance at 1315-1309 (32% retrace of july selloff and prior shallow (32%) retrace of jun-jul rally) (also bottom of MML trading range at 1308.50)

I think we will get a close over/under this resistance/support in the next few days.
If it closes above resistance / below support, I think a 30 point move is feasible. (1345 or 1265)
I think we get a close over 1308 today and then go higher from here and test 1345

In the next few weeks, we may have a downside test of the longterm orange bullish channel (see chart 2 for scope of this channel). This has held for 2.5 years. If it breaks this, then the neckline of the head and shoulders sandwich is so fond of (search recent snp posts if curious) (also on my chart in white) comes into play.

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