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Friday, October 30, 2009
This morning I was leaning on the 1054.50 level, the mid-point of yesterday's day session range, as support for any reaction from yesterday's 1064.00 high. That level was just broken decisively to the downside. I don't see any more support for this market until it reaches the 1035 level. However, I do think this up and down action is part of a base building process that should end early next week and be followed by a sustained up trend to 1120.