Corona, CA – Price Projection – The S&P500 emini futures has hit the 50MA, (moving average) and could stall and create a consolidation zone from 1948 to 1972.
This Zone from 48 to 72 was the previous swing high of consolidation before the last buyer move and the correction to 1820.
The blue arrows are a single deviation price projection in both directions. 1972 to 1950 are the bounds for the first move dependent on the opening pressure from the overnight.
For a single directional move with momentum we are looking for resistance at 1992 and support to come in at 1930. These would be large swing moves and Monday normally falls into a range of 13 to 18 points.
Buyer Volume has been decreasing on the past 3 days of trading and this could sign that the bulls and bears are searching for direction and waiting for one of the other to make a move to create direction. A lot of the general financial media has talked about taking profits at this level and breaking to new highs. Watch for the bounce off the open if there is no major news breaking and NY is not experiencing more Ebola.
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