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Emini S&P 500 is now in a rising channel and these trendlines are key reference areas.
Volume on a break in the lower trendline support will be important in my opinion.
The Dealer Intermediary category of the latest Traders in Financial Futures Commitments of Traders Report are currently NET short 99,107 contracts (which is nearly 3 to 1) in the S&P 500 "Consolidated" (250x). My interpretations of the COT report can be found in the tab on the top of the blog.
Today's 5 minute chart at the close, going into the overnight resembles a bullish "Inverted Descending Triangle".
(Click on chart to expand)
The picture is similar in the Nasdaq 100 in price and volume although I think the horizontal and round number 2,500 support level is a more important reference area then trendline support of a channel.
The Dealer Intermediary category in the latest TFF COT are currently NET short 41,786 contracts in the Nasdaq 100 Consolidated report. They are approximately 9 to 1 short.
I will be very interested in trading NQ to the short side if 2,500 gets tested and fails to hold, especially if the breakdown comes on an "Igniter Move".
My most recent posts on the Equities can be found here: http://scottpluschau.blogspot.com/2012/07/holiday-special-equities-update-on-s.html
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Source: S&P in a rising Channel (NQ support defined):
