19 July 2011

SP 500 Futures Intraday: Coiling For A Move



I suspect that this short term symmetrical triangle and intermediate "W formation" will show its hand when the US debt ceiling issue is resolved.

The fibo levels at 1307 and 1295 are powerful chart points, and the 1287 and 1322 indicators may be helpful in confirming any moves, sorting out the fakeouts.

Keep an eye on VIX and gold.