The 10% December unemployment rate (U-3) released earlier this month may be a bit of a statistical misnomer as more people dropped out of the labor market and showed up in the wider definition of unemployment (U-6) and at 17.3% and increased from the November rate of 17.2%.
On 1/15/10 we did get a longer term signal to be long the market. After exiting a long position on 1/12/10. This was a confirmation from a longer term emini March DJ long position we received on 1/28/09. On the same day we also received short term signals to go short or exit the long positions. Its rare we receive opposing signals on the same day. Thus supporting the argument for a very choppy process.
March emini S&P futures initial resistance is found at 1135 to 1140. The next level of resistance is found at 1143 to 1150. The initial leg of support is found at 1133 to 1130. If this level is broken the next support level is 1123. If the market should begin a correcting phase, there is major support in the 1116 to 1108 area with a very strong support level around 1040.