S&P 500 - October 10, 2012

A couple of post ago,

http://markettime.blogspot.ca/2012/10/s-dece-futures-oct-3-2012.html


I showed a 60-min chart of S&P futures for Dec 2012 with a channel and said

"the recent behavior is a bit choppy under the mid-line and that increase the probability of a drop towards the lower parts of the channel"


Well, probabilities did come true this time as you can see from this updated chart

In the same post I said: "I think 1400-1410 area is of importance and personally would like a spike down to that area for any new long endeavors"


That is still true. Index is getting oversold on daily frame and it may give a potential entry into a long soon

Meanwhile, I would love a massive down, washout day to get all sorts of perma creatures crying end-of-the world. good long entries are usually given by those, if not for months of an uptrend, at least for a juicy squeeze party of shorts


Regardless of what I might like, index seems to be sitting on its closest weekly support curve around 1430 at the moment

The week is not over yet. Would be nice if index would do another bout of weakness but close the week around 1430


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