With just over two hours remaining in today’s session, let’s notice that the S&P 500 emini futures is pressing against key support at 1039, which represents the lower channel trendline off of the July low. If the index closes today’s session either leaning against or below 1039, then the technical set-up will take on a considerably more bearish tilt that will point towards additional weakness into the 1032 area directly.

Traders following the index or its ETF – the S&P 500 Depository Receipts (AMEX: SPY) – should keep this chart in mind as the index trades into today’s closing bell.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

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