[/caption] The S&P500 emini futures and the S&P500 large contract are in a long term bullish channel. We are presently in an area of consolidation moving out of a bullish Flag pattern. Normally we are looking for a double top to occur within this next week's candlestick. This week could end in a doji, reflecting trader indecision on direction. We are above the point of control so buyers have taken the market from the sellers. We have an upside target of 1421 if we break through the resistance at the double top. Watch for the test this next week. We do have support near by at 1296-1303. A lot of congestion in this area. If we get a lower high on this move up we could see some momentum if there is a sell off to 1265. This Channel is quite strong, we shall see. Remember, this is a longer term chart, we can see the major tendency of buyers and the direction we have. There is about a 60 point swing in the channel andwe are in the mid point. Join us in Calgary for a day trading course this next weekend. S&P 500 day trading course
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