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TFC Commodity Trading Forum

Re: SPX/Breaking Down/Lee *PIC*
In Response To: Re: SPX/Breaking Down/Trades ()

Here is the SPX Index which is the S&P500 that is quoted all the time. It is not traded but used to report what it did each day collectively. The Emini is the futures contract which is based on SPX but is a tradable futures contract with contango or backwardation etc. The Index I showed the other day broke below 1422 support and next important support is 1370 (or the 1 year uptrendlne). The other day in my haste I did not draw a line across the late August low of 1400 which was tested successfully 'today'. That "could" hold as support. The one year uptrendline is about 1385. So with today's test of that late Aug low of 1400 price could rally along with markets inverse to DX especially with DX tagging resistance at 80.30 area and backing off sharply. See the CCI 20 tag the -200 level as well. Both charts tell the same tale much the same with slightly different numbers. This SPX chart gives far more information in that it shows years of past support and resistance points for reference. So while price could continue to break support levels I can't help but notice it has stood up remarkably well and many charts have pulled back to significant support levels including Gold and Silver. I would like (not that the market gives a damn what I'd like) to see a further pullback in many of these markets but wont be betting on that at support.