Emini S&P trending lower this week with immediate support at 1783/82 then the low this week so far at 1778/77. Below here good support at 1774/72 could hold the downside but longs need stops below 1769. Good support again at 1765 may mark a low for the day but below here risks a slide as far as 1754/52. If this does not hold the downside look for a buying opportunity at 1747/46.
Above 1795 is less negative but we will need to beat strong resistance at 1799/00 for a test of 1805. Above here look for 1809 & possibly a retest of all time highs at 1812 for a selling opportunity as we look for a bearish double top. Only a close above here today opens the door to a new leg higher next week in this bull run.
Weekly outlook: Support at 1774/72 where a low for the week is likely but a break lower risks 1747.
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Emini S&P Support 1774/72, Trending Lower
Published 12/06/2013, 07:15 AM
Updated 05/14/2017, 06:45 AM
Emini S&P Support 1774/72, Trending Lower
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