S&P500 e-mini Analysis & Forecast, July 19th 2013 (English Language)

Hello traders,

Here below please find attached the analysis of the S&P500 e-mini futures for last Friday July 19th:

After failing the sequence of measured moves higher in the second part of May price never continued lower into the 1500 area as anticipated. Price rather stopped at the next extension long on the weekly timeframe. That support area, in the 1559 to 1566,saw strong participation on the upside, showing that Program Trading is still supporting prices higher (see below picture).

S&P500 e-mini futures contract, daily chart - July 19th, 2013

S&P500 e-mini futures contract, daily chart – July 19th, 2013

Price printed fresh new highs yesterday and today confirmed that move. If price gets a correction in the coming days I do not see price moving below the 1647 to 1656 area. If price moves into that area I see a good opportunity to buy or add to longs as Program Trading and professional traders are now targeting the 1718 to 1730 area (1st target). When/if price gets there I would expect some sort of profit taking.

Thanks to the participation of longs at the 1566 area, which is an area of continuation in extensions longs, there is now the potential for the market to get to the 1800 to 1820 area (2nd target), before a sensitive correction takes place. In that case I would exit at 1800.

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Have a good day

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Filed under English language, Futures, S&P mini futures setups and trades, Trading Plan

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