After a week of the market flat lining and moving sideways it finally broke to the downside on 6/15/09. The following day we received a sell signal in the DJ futures contract (basis the September contract). Many on the street have been seeking a consolidation over the past month as the equity markets have had one of the best rallies in a very long time. This may be the beginning of some downside consolidation. Although, one could argue that the consolidation may be one of time and not of price. Meaning it may go sideways for a long period and not really sell off.
On 6/16/09 the market fell to a support level around 8424. It could hold at this level for a minor move to the upside. If the market moves higher, there is resistance between 8491 to 8561.
If the market continues to fall, the next support level is 8300 to 8270 and ultimately the market could move down to 8050 to 8000 in this consolidation.
0 Comments
Your comment will be posted after it is approved.
Leave a Reply. |
The postings on this site are not recommendations for trades and should not be perceived as such. Losses may occur from trading futures and options. Please talk to your financial advisor before trading futures or options. Past performance is no guarantee of future results. Archives
January 2018
Categories
All
|