The SP 500 Emini has been trading up to a resistance area/range starting around the 1066 area which is the .50 retracment (see previous chart) and up to the 1081 area, which is the .618 retracement area.
There are some intraday patterns that have completion areas at the 1077 area just above Fridays highs.
Friday closed with an AB=CD/Butterfly sell at the 1073 - 1075 area and has corrected about 10 points from these patterns in globex. If we see a further move up early today we will look for a shorting setup.
Friday was a narrow range day which can lead to range expansion, so we will also be watching for signs of expansion or a trend. If this occurs we will trade in the direction of that trend or expansion.
Have a great trading day and come visit us at www.tradingliveonline.com
Leslie

This entry was posted on Monday, July 12th, 2010 at 9:09 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.