Near the downtrend line key resistance is at 1008.50. Support is the lower red line near 910.00 and the low of the move at 837.00. I like the bottoming action with the retest of 837.00 and the higher close. Look for a weekly range using those numbers.
Note: Arturo Stern is taking the day off so we are presenting commentary on the E-mini S&P 500 by Howard Tyllas.
It looks like the market is carving out a bottom but too early to tell. Closing above 1008.50 would be a positive, but closing above 1070.00 would signal a longer term bottom. Even during 9/11 the average true range was around 35 to 45 handles, now it is 72, amazing! Trading with a known risk is in order.
My resistance was 15.25 points from the actual high and my support was 11.25 from the actual low. The range was 67.25.
Major Resistance 1067
Minor resistance 1008.50
Minor support 945.25
Major support 925.50
Howard Tyllas is registered with the CFTC as a floor broker and CTA. He’s a member of NFA and a veteran trader of 31 years. He has traded options on futures since their inception. For information on how to get Howard’s