E-Mini June S&P Future Testing MAJOR Levels

GM is going bankrupt and the E-Mini S&P June future, currently trading at 932, is testing ceiling resistance between the Jan high of 938 and May high of 929. It successfully broke through the 200 day moving average at 925. If it can get above the 930s with conviction it could head toward 1,000 where the long term downtrend from May/Sept 2008 meets today. Goldman's 1,050 call would be in the money. So bear market rally or not, a break here could bring more pain for the bears. We'll see how the market digests the GM bankruptcy and if auto delevering affects the market going forward. This is not a recommendation to buy or sell. Also watch out for capitulation buying.

E-Mini S&P June Future ESM9 (OptionsXpress)