S&P Resistance: December 26th, 2008
December 26, 2008 – 10:19 amWe are seeing some overhead 50% fibonacci resistance.
Take a look at the march E-mini Futures contracts. We have the 50% fib value of 872 and future topped out at 871.7, so I will take that .25 point error. Keep in mind that .25 is also the smallest increment per trade….so…
Also take a look at the S&P 500 for added evidence. Again, this one came within a point of the 50% fib of 877 and change. Let’s see how this plays out, as I may take a small short position in the SSO to play this.
-Justin Moo, Senior writer for Marketchasers.com