Thursday, September 24, 2009

Market Observations - Indexes at supports

This chart of the Russell 2000 Futures shows a major support at 595.4. After hours this level was touched. We should look for a bounce from these levels. If there is a break down from these levels (1039 on SPX and 589 on the Russell Futures) that would defiantly qualify as P3 type behavior. However, if we can bounce from here we may make a failed high and then take out support thereafter. We have a lot of unfilled gaps up to the 1077 area on the SP futures. I would like to see them filled. Also, there are a lot of good support levels shown on this chart as targets on the down side if we go that direction.

If there is a gap down on the for that gap to be bought.

I trade the TF futures and they are a very good momentum gauge for the markets. If they start showing downside outperformance....larger indexes will usually follow
© 2009 m3, ltd. All rights reserved.