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Emini S&P September futures shorts at 5495/5505 worked perfectly with a high for the day exactly here before prices collapsed 50 points to 5448. The low & high for the last session were 5448 - 5506. (To compare the spread to the contract you trade).
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Emini S&P made a high for the day almost exactly at resistance at 5495/5505 & shorts worked perfectly on the 50 sell off. We have bounced back to the resistance & again, shorts need stops above 5515.
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A break higher however is a short term buy signal targeting 5530 & possibly as far as strong resistance at 5555/65 - shorts need stops above 5575.
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A break below 5390 (Friday's low was 5494) targets 5370 & support at 5350/45.
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Bear in mind that even if we are building a bear trend (& I think we are) there will be very strong bounces at support levels (& again, we saw that yesterday). Bulls never give up & buying the dip has worked for too long for them to stop now!!
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