WEEKLY VIEW
The S&P 500 Index is trading just above the 200 Week EMA, support, and just below the 100 Week EMA, resistance, on the Weekly Chart above. The 38% Correction Line of the 2003 to 2008 uptrend is also acting as support. If the market should close below the 38% Line, the market will probably test the 50% line near 1170. For the meantime, the 1260 area is still support.
DAILY VIEW
On the Daily Chart above, the 50 Day EMA and 1400 area is resistance. When the market refused to trade above this resistance area, the market sold off. If this situation continues, the 50 Day EMA on the Daily Chart and 200 Week EMA on the Weekly Chart will squeeze the market and force a decision to either trade above resistance or below support.
On the ES 60 Minute Chart above, the 1320 Area is still support. If the market closes below 1320, the 1260 low of late January will be tested. In the meantime, 1320 is support.
Rollover to the June contract will occur on March 13. We may see a change in market sentiment after the rollover.
Charles
No comments:
Post a Comment