Hey Traders,
new highs were set today on SP500 and coveted 1000 mark was captured on both Case SP500 and emini ES futures index. So what now?
Big picture did not change one bit, for weekly and monthly charts, check out yesterday’s monthly analysis.
It has been clear that market momentum and panic / performance chasing makes good/bad news, earnings and dollar irrelevant.
While big picture remains the same, for bears to get something getting to the downside the following support levels would need to get taken out (also possible long scalp levels if it matches your particular system setup):
993 – Previous rally high, 990.25 – 3 day 50% retracement (from previously respected fib level), 983.50 – weekly fib level also previous significant s/r level and then 200ema which should be in right around the area. Nothing below there doesn’t deserve mention at this moment as bears cant get much more than few ticks of downside going.
As always will keep posting key intraday technicals and internals intraday via my twitter account @esecfutures and will post key charts on the blog.
I would also watch this 377 tick chart for clues, that trendline seems to be respected for past several days.
Cheers
Vlad