Trading began Friday morning at 1085.50, up 4.75 points from Thursday’s close of 1080.75. From open prices moved up to a high of 1093.25 where they were met with resistance by about 10:30 am market time. Prices reversed from there and traded down 25.75 points through the remainder of the morning and afternoon to hit a low of 1067.50 before closing the week on the 1069.00 support.
Next weeks trading looks like further moves down can be expected. I am looking for moves to the 1062 and 1059.25 levels. Prices may retrace to the 1080 0r 1085 levels, but a continuation down from here looks likely. Volume will be our main indicator as volume is up on the sellers side and will need to maintain strength to push these prices further down. A daily volume of about 3.5 million contracts would be a great start to this continuation down.
You know where to find me, I’ll see you at the starting line;)

S&P opened at 1097.25, up 3.25 points through the overnight. With a quick touch up 2 ticks to 1097.75, prices turned and began the 23.5 point decent to hit the low of 1074.25 by noon market time. Prices then spent the afternoon retracing to 1089.00 before closing at 1080.75.
For Friday we are watching as prices are moving through the 1080 level into the 1070’s. There will be support in at 1069, 1062 and 1051 on the way down. Should prices take a move to the upside we have resistance in at the 1092 and 1100 areas. Let’s see what the weekend brings.

The S&P emini opened at 1087.25, up 1tick from Tuesday’s 1087.00 close. With the gap closed instantly prices floated around for the better part of the day working their way down to test support at 1081 a couple times. Around 2:30pm market time prices hit a low of 1078.50 but could not move through the support. Prices began a 17.75 point move to the upside, moving to a high of 1096.25 shortly before close. Trading closed the day at 1094.00 moving into another area of resistance.
Watching prices on Thursday for another test to 1100.00 area. If prices move through there then we could see the 1112.50 area as the next level of resistance. If market makers decide to move prices down we will be revisiting the 1080 level once again before we go anywhere.