The E-Mini S&P 500 has traded back and forth within the boundaries of a well-developed, uptrending channel over the last two months. Another drop within the channel could easily push price to these key targets. Here's more..
The daily chart of the E-Mini S&P 500 shows price has traded within a clear upward-sloping channel since June.
Every price move within this channel has been a breath of fresh air, as identifying entries and forecasting targets has been much easier than usual.
As a matter of fact, the last two days have made great short entries for another potential drop within the channel.
If you are short, or plan to be, these are the swing targets you should look to play to: 1,348.50 and 1,337.75. These targets are the 3- and 5-day swing targets for the current channeling behavior of the ES.
In the last 14 months, these two targets have tested to be between 72% and 74% accurate, so there's a good shot they will be reached, especially should 1,380 continue to hold as resistance.
If price continues higher, watch 1,405.50 and 1,416 for bullish 3- and 5-day targets.
Let's see how this one plays out!
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