Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

S&P Approaching Key Support


The tension in the market today is palpable, isn’t it? The dollar goes down, and stocks, metals and commodities go up. The dollar rallies off of oversold, and stocks, metals and commodities pull back. That said, however, let’s notice on the hourly chart of the S&P 500 emini futures contract that after making yet another new recovery high this morning at 1103.25, the emini S&P has sold off to nearly unchanged and more importantly is approaching an important test of key near-term support at 1093-1090. If violated and sustained, then the price structure should press lower to more important support at 1086.75 -- and its related ETF, the S&P 500 Depository Receipts (AMEX: SPY), along with it -- in what will begin to look like the initiation of a significant correction of the near-vertical November upleg.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!