ES (December SPX future) has been playing around the September 5th gap levels, which it closed on the 13th. Gaps that are closed can still remain support and resistance, especially if the gap open/close still holds (1493.50/1503.50). Trend line support is also near, currently 1494 on the 60 mn chart. I had put in a possible Fib turn date between the 14th and the 17th, we will see how this plays out, up or down. On an upside breakout, watch 1503.50. If we break down, pay attention to the 1488 level, 50 dma on the continuous contract. Interestingly enough, NQ has not even come close to closing the same gap (2049.50).
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on Saturday, September 15, 2007 at 9/15/2007 10:05:00 PM.
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