Sunday, January 25, 2009

S&P Futures Confirming Short Term Call From Last Post; Jan. 25, 2009

As you can see from the above futures chart posted early Sunday afternoon, the outlook I have from the previous post for the very short term has played out. The ascending blue trendline was broken through late Friday and then the market tried to rally above it again and bumped underneath it several times before the bulls finally gave up and sold off the market in the last few minutes of trading. Now we see Sunday has continued that selling. Now this is a very short term chart and indicator, only 5min, so it's far from certain this will continue throughout the night and into tomorrow morning's US session. If it does continue to sell off, then the 750-775 area are the immediate levels of support to watch for.

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