Friday did some technical damage to the market, the one hour chart above showing the last 20 day trading sessions has been trading in a nice price channel that was finally broken on Friday. Possible new bear channel could potentially be forming. Looks like the market is currently back testing this broken channel. Bears have a good short setup here with the 50% fib retrace as confluence.Price levels to watch for:
Short Setups
1137. 50 - Channel trend line resistance, and 50% fib retracement level
1139.75 - 61% Retrace
1142.50 - 76% Retrace
Long Setups
1127 - 1128.50
1124
1118
Open Gaps
12-18-09 - 1097.75
12-21-09 - 1107.75
12-31-09 - 1110.75
