Friday, December 16, 2011

S&P 500 ~ Pre-Market Warm-Up ~ 16 December 2011

The SPX rallied to the resistance at 1226 yesterday and closed the open gap. From there it sold off a bit and then traded between 1215 and 1220 for the rest of the day.

Not much has changed. The short-term trend is still down and important support is at 1200ish.

The downtrend channel looks even better on the ES:

Bears have the upper hand as long as we stay in this channel.