On 6/11/09, the DJ (basis September contract) peaked and has slowly been grinding downward. The last few days the market has been testing the May lows. In the final hours of trading today, the market began to recover from its sell off. During the final minutes of trading we did receive a short term long signal within a longer term sell signal.
There is major resistance around 8250 to 8280. If the market can hold this area the next resistance area is 8350.
If the market should continue lower the next support level is 7960 to 7850. This would take us back to the price levels of late April.