E-Minis have been trading very close to support/resistance levels. We’ve just dropped from 1070 to 1010 fairly fast. The easy money’s probably been made.
Here’s a closer look at those levels on the 15-minute chart.
What’s next? The market could go lower, but I could see the spooz closing near 1023 today and trading back in that 1025 to 1035 range next week as most likely.
One aspect I want to point out on the chart below, is that 7 candles took precedence over trendline resistance on the bounce. The 15-minute candles have been most helpful this past month.
