Emini to Test Support at 1,640 – Monday 26 Aug 2013 (5:29)
Late day sell off. Right as we got cyclical resistance on the 135 minute chart. And it didn’t get close to closing the gap. So now we’re going to test the 1,640 level. Let’s see if the Professionals step back in and save it.
Watch out. Next couple of days are going to be absolutely key. We’ve done everything to round off this uptrend. Exhaustion buying, Bearish divergence, Amateur up bars, RAMBO patterns, etc. We’ve even got a Stock Market Crash warning signal.
Now we’ve got our first Support on the daily Emini chart (after a “dirty” End of Trend signal). If that goes – we’re into a down trend on the daily chart. A couple of weeks ago the Support level to watch was 1,680. Now the level to watch is 1,640.
Good luck with your Emini trading.