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S&P Signals: Loss of Support At 1279 Will Keep Pressure to the Downside

Published 01/12/2012, 05:08 AM

S&P 500 mini:
S&P unable to challenge 1291 yesterday as we drifted back to 1281/80.

We need a break below 1279 to negate any further upside moves and a loss of this support will keep the pressure to the downside, leaving 1274 then 1266 targeted.

We aim to cover shorts within this band and go long looking for the market to hold. However we will not hold longs below 1262 as a break below here leaves 1257/55 then targeted.

If we cannot break below 1281 we see further strength towards the 1288/1291 area. Sell here and hold unless above 1293 for 1299/1303. sp
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