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2011.02.21 Unit of Movement (Part 3)

21. February 2011
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Today was a truncated session due to President's Day, but that doesn't mean we didn't see some interesting movement.  Using the same levels as described in Part 2, below was today's chart.  After bouncing around in the levels in the 1337-1342 range, the bottom fell out.  As you can see, there was a big gap in support levels, so it's not surprising that once 1337 gave way, we had a lot of room to fall.  The blue arrows show areas of support and resistance.

UPDATE:  Soon after the market opened at 5pm CST, the market hit that 1327 area. 

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