S&P Dec E-mini Future Weak After Testing 50 Day Moving Average (ESZ9)

The S&P Dec E-mini Future is losing strength at the 50 day moving average and short term downtrend resistance.  It is also testing long term channel support from August.  The 50dsma is at 1,048.06 and ESZ9 is trading at 1,038 after hitting a high of 1,049.  Watch that channel from AUG closely (in the blue line) going forward.  The June highs look like a nice plateau, we'll see.  What you don't want to see is a 20/50dma cross to the downside.  Watch out for that.  Charts courtesy of OptionsXpress.