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e-Mini S&P Levels

The September e-mini S&P (ES) got 1 tick above 1268.75 yesterday and after getting below the 1261 level essentially traded between that and the 1255.25 level.  Things got more exciting in the overnight session after (lack of) earnings reports from Apple and Amex, and ES tested the 1248.50 level.   On Friday we thought a test of 1248.50 left the 1268.75 and 1276.25 targets intact – but ES already hit 1268.75.  If the move up from 1200 ended yesterday, look for 1194 and 1165 on a break of 1200.  A more technically sound bottoming formation would require a close below the 7/15 close of 1211.50.  Support @ 1248.50, 1241.25, 1237, 1229, 1218.75, 1204 and 1194 (new).  Resistance @ 1255.25, 1261, 1268.75, 1276.25, 1286.25, 1291.75 (pivot), 1298 and 1310.

Posted on Tuesday, July 22, 2008 at 08:50AM by Registered CommenterJay L in | Comments Off

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