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[Previous entry: "S&P Consolidation."] [Main Index] [Next entry: "S&P 5 minute resistance."]
11/03/2003 Archived Entry: "S&P at important support."
Click for S&P 30 and 60 minute chart. Use this chart as a guide to tomorrow's action, and possibly the next few day too. The attached image has a 60 min chart on the left and 30 min chart on the right, of the S&P E-Mini. Notice the red channel on the 60 minute chart. This shows that the S&P is in danger of testing or breaking the bottom of that channel.
If that bottom doesn't hold, the S&P may begin a significant down-turn. The 30 minute chart shows some near-term support levels. The 1055 level coincides with the 60-minute channel.So this is an important support level. If it holds, the market may be at an excellent point for a long trade in the direction of the daily uptrend. If it breaks however, we will most likely enter a period where shorting rallies will be the preference.
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