Tuesday, 8 September 2015

S&P 500 futures up 2% from Friday's close, toward multiple resistance levels

The S&P 500 cash market closed Friday at 1921. Daily chart shows the futures have rallied 2% from that close, toward a cluster of resistance that stretches from 1970 toward 1990. Crucially, the trend is down, and only a rally above 2040-50 (!) would strongly shift the odds toward the August low being lasting. You can review my long term charts here, posted on the weekend.

Hourly chart illustrates yet more resistance lines.