Good News For Bulls: Emini S&P Heads Lower And Holds
Jason Sen | Feb 12, 2016 03:44AM ET
Emini S&P failure to beat 1833/31 re-targets 1825/22 then 1814/13. The downside does look more limited but January lows at 1805/04 are obviously key. A break below here this week risks a slide to very VERY important longer term support at 1788/86. If this breaks it should trigger more panic selling and very steep losses in to next week.
I do believe in the double bottom and think there is so much focus on the big head and shoulders that there could be too many shorts which could get squeezed today. Above 1835 allows a recovery to first resistance at 1846. Above here re-targets 1855, 1863 then strong resistance at 1868/70. Shorts need stops above 1880. A break above here is a buy signal to target 1890.
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