Sunday, July 05, 2009

/ES S&P500 Index Futures Roadblocks

[AKA Support/Resistance levels]


I would expect overnight/day session low of 877 with following move up to 903.25 level.

Worth noting that as of right now /ES is right at 23.8% Fib Ret.

Chart is crowded, but does what it suppose to do – provides guidance on possible reversal points.

PPH (and biotech in few days) - short on weekly (and a lot of big pharma names look prime for substantial downside.

Longer term:
SPX - I think this is what is going to happen
it will close few days in the rows in the area of 890.35
or just proceeds directly to one of two possible scenarios:
1. down to 875.2
2. down to 847.2 (most likely)
where (and it has to be watched WHEN) - it will proceed to 1020 area and this is where the next big shorting opportunity will present itself.


Latest trade signals


With Goldman Sachs allegedly having one hell of a ride with Quant Trading Code disappearance market action might just get a little more organized.