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ProShares Ultra VIX Short-Term Futures Message Board

  • watsituyah watsituyah Aug 22, 2012 9:06 AM Flag

    Some Light TA

    A response I did on SPY last night regarding support/trend lines that could hold ES futures up...

    [Not necessarily clear sailing just yet. There are two trend lines and a minor S/R line in proximity that need to be broken before 1390 levels. Both of the trend lines are upward-sloping. One is the near-term lower bound bull trend line from 6/4/2012 low at 1262 up and extended through the 6/28/2012 low at 1306.75. It currently sits at about 1403.75. That is also the location of the horizontal S/R line that dates back to March 2012 action. The other trend line runs from 1338.5 low on 3/6/2012 extended up and through 1352.5 low on 4/10/2012. Check out the candles around that line between 8/7/2012 and 8/15/2012, in conjunction with this evening's low so far. The 8/7 to 8/15 candles really "conformed" to that line and, to this point, this evening's action seems to have "bounced" up off that trend line. The low for this evening is right at that line. If ES can get through those lines/levels, then I agree, smooth sailing down to some lower levels. But it has to get through them first. I tend to believe it will, but it may not happen until the equity market trading session later today(Wednesday). If it happens tonight, that would just be a bonus.]

    If those fail, then next levels of support are 1360-1363 area followed by the 1340-1346 level, of which 1346 was the former Bull/Bear line. All values are ES futures values.

    As a side note, there really wasn't any significant selling pressure yesterday according to $TICK, so keep that in mind. It needs to pick up in magnitude on the negative side to jump start a downside move in S&P that would be more indicative of a sell-off that would continue for more than just 10 or 15 points a day.

    Good luck to all, long or short.

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