Everyone needs a head and shoulder these days and ER (small cap futures) might have decided today was its turn. As you can see on the chart (and my earlier comments today), 745 turned out to be too much of a challenge for bulls. It was the 200 dma and the old March trendline support by extension. If the head and should gets confirmed by a break below 718, we have a very nice downside projection to a minmum of 691 (50%), which also happens to be the April gap. But first things first, bears will need to see a break below 731/732 before counting their chips. Resistance is at 740/742 and of course 745. Forget the game plan above that.
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on Tuesday, June 17, 2008 at 6/17/2008 07:28:00 PM.
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