S&P500 Emini near term support is tested again but no breakdown just yet

By FulcrumTrader · August 31, 2009 · Filed in Daily Review

The ES sold down close to near term support in the pre-market, and then traded as low as the 1013.25 level in the opening 30 minutes of the cash session. After the ES traded to the 1013.25 level, price cycled in a small range near the days lows. We ended this somewhat uneventful day with a minor SHORT covering rally back to the 1020′s pricing levels. Today the market had several perfect opportunities to breakthrough this near term support, and then drive the held accumulated SHORT inventory from the past weeks well into the money.

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