Overnite the futures low/high was 1027 / 1034.5.
Scenarios:
Bullish IF 1032 holds then test 1037, 1041, 1044, 1050, 1061
Bearish If 1030 breaks lower then test 1027, 1025, 1021, 1015, 1008, 1001, 997
Right now the bias for next 2 hours is UP, especially if 1032 holds and doesn't break. Under 1032 there are multiple layers of support. The support layers are 1027, 1025, 1021, 1015, each of those needs to be broken before there is any chance of seeing 1008, 1001, or 997. Of course yesterday we saw how quickly support can be demolished to the downside, it can happen in hours, but the support levels must be respected nonetheless until broken.
Most important support levels are 1030 and 1026 for the next 8 hours.
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
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