Yesterday the SP 500 traded up to the .50 retracement and had a high at 1068.50 which was in the area we had been looking for a sell opportunity. This is also in the area of a 127 extension.
If you look at the chart with the 127 highlighted you will see the triangle area that shows previous clustering, Any move up towards that area today will be into resistance and possibly fill the gap at 1071.
We will also be looking for a possible deeper correction down to buy into.
Come visit us at www.tradingliveonline.
Leslie Jouflas - founder Trading Live Online, LLC

The SP 500 Emini has held the weekly .382 retracement level at the 1006 area. Rally up from those lows is bringing the price back to a large gap area between 1059 - 1071. We will look for a short term (intraday) around that area, there is currentlly a 127 swing completing into that area. We will also look for a buying opportunity on pullbacks today.

Yesterday the SP 500 traded down to the .382 Fibonacci retracement on the Weekly chart (see chart from 6/30/2010 blog post).
In our Live Charts Forum we had buy patterns intraday that formed and completed into this area and we were able to buy and follow the run up yesterday.
This is an important support area now to watch.
Resistance should be in the 1030 - 1036 area and will watch for support on tests down. The next resistance area above 1030 - 1036 is in the 1044 area.
Trading for today we will look for range type trading.
These are short term areas to watch that we use to trade intraday from.
Please visit us at www.tradingliveonline.com
Have a great holiday weekend!
Leslie