At this time we are maintaining a longer term buy signal that was initiated on 12/28/09.
Basis the March contract, the initial resistance level is 10585 to 10621. If this level is broken the next resistance level is 10660 to 10710.
The initial support level for the March emini DJ futures contract is 10535 to 10485. This area supported the market on 1/15/10. If another move at a short term correction occurs and breaks this initial support level, then 10450 to 10410 would be the next major support level. The 10380 to 10360 is a major support level developed in late December could be eventually tested if the market begins to decide its overbought in the short term.
Was 1/15/10 the first sign of an overbought market getting a bit tired?
Basis the March contract, the initial resistance level is 10585 to 10621. If this level is broken the next resistance level is 10660 to 10710.
The initial support level for the March emini DJ futures contract is 10535 to 10485. This area supported the market on 1/15/10. If another move at a short term correction occurs and breaks this initial support level, then 10450 to 10410 would be the next major support level. The 10380 to 10360 is a major support level developed in late December could be eventually tested if the market begins to decide its overbought in the short term.
Was 1/15/10 the first sign of an overbought market getting a bit tired?
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