Head and shoulders formation on S&P500 emini futures into the weekend.
A Head and Shoulders Formation is appearing with our initial target of 1368.50 on the S&P500 emini futures. This is the pattern discussed Tuesday as we are watching for sellers to move in at these levels. If buyers commit to the move from 1365.50 and approach the resistance with some volume there is a good chance they can take control back and move to the next area of resistance at previous swing highs around 1377.25 . Watch out for dissipation in volume in the afternoon as there is no direction and quick market maker commitments can wash out stops. Support coming in again at the 200 MA in red around 1365. Which was the point of control for today. Buyers have control but as you can see, if there is price failure on the move up, there is a good chance we can keep this March settlement period alive and see moves down. The first area of support will be at 1351.25 and then the previous swing low at 1338.50 . This should provide some support and we could see some consolidation before the next move down. A further test to 1331 and then major support at the "psychological support" 1300. A fully executed support on the head and shoulders would be around 1330, 1300, and 1282. If the Head and shoulders disappears into a period of consolidation with a touch down to 1362 and a reversal, watch for the break of resistance and a move to previous highs. The execution and extension of this move would be to 1432. Trade what you see and never [...] day trading course
