Tuesday Outlook Of E-Mini S&P Index Futures

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Tuesday Outlook Of E-Mini S&P Index Futures

By David Spurr on December 23, 2008 | More Posts By David Spurr | Author's Website

I’m looking for the EMINI to continue its move down. Today (Monday) it moved outside of the triangle briefly and touched the 856.25 level. It made an intraday low of 852.75. The volume was light, given the holiday and as a result it moved back up within the triangle. Market Bbeadth started out weak and got worse as the day progressed. All 3 indicators indicate lower: CCI, DI and Slow Stochastic. They are all coming off higher levels. Looking for continuation down.

A move below today’s low could easily see us testing 829 levels. The recent trend is lower lows and lower highs. We also closed below the 871.50 support level, but within the triangle. I think that we’ll try to break yesterday’s lows early. If we can’t break the lows, then I wouldn’t be surprised to see a retest of 903.

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