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Energy ETFS in Spotlight This WeekBy Don Dion
7:36 a.m. EDT
Morning TradeBy Bob Byrne
7:50 a.m. EDT On Friday the bears managed to contain the bulls and push us back towards the lower end of our current channel. Currently, we are stuck in sideways consolidation...it's up to the bears to push us through 1071.50 and towards 1065 if they want to morph our current consolidation into price correction. Amazon's (AMZN - Get Report) huge earnings release (similar to Apple (AAPL - Get Report)) was unable to propel the e-mini through the top of its channel. If traders want to make a run to (and through) 1100 they need to defend the bottom of the channel (1071.50) and target moderate/strong resistance at 1082.75. A sustained trade above 1082.75 should send us back to and through moderate resistance at 1087.75 and onto another test of strong resistance at 1090.25. The e-mini is trading in a manner that would suggest the bulls are a bit tired, but the bears have yet to capitalize on it. If traders are at all interested in the short side they need to avoid another push above 1082.75 and target moderate support at 1077 and 1074.25. Lackluster trading likely sets us up for another test of strong support at 1071.50 ... and if the bulls do not defend the 1071.50 area we should see selling intensify. Downside targets are moderate/strong support at 1068 and strong support at 1065.