S&P Emini 500 Futures had quite a day today. Emini Futures opened with a gap up of 3.75 points, broke down through the longer term support of 875.00, plunged to a low of 865.25, and finished the day about where it started.
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Click on picture to enlarge. Looks like we have a Head and shoulders pattern forming with support on the 200MA which is where we have the neck line. An Equal move down will be to 800. This is also a psychological support. Any thing under 800 and our next major support is 731.75 which is a complete 127% extension.
The wish to have some closure and move on is better than this slow gnawing, almost impending doom like feeling that permeates the market presently. I expect to see lower volume and more grinding down til we get the next sell off.
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