We’re rolling into the September 2009 contract and all charts will be in such (until Dec 09 becomes the front month).  We do note, however, that for the sixth day in a row, the June 09 contract closed within in a 4 point range (and below the 942.75 Jan 6 2009 high).  Closing for 6 days within 4 points has only happened 5 previous times in the history of the futures contract going back to October 1997 (no occurrences prior to August 23, 2005), with 4 of the 5 times resulting in declines upon the break of the range, and only one of those declines being severe (see below).  We mention this mainly as a curiosity and a warning that any break of a consolidation can result in a large move.  We believe the financials will lead and are still monitoring the Nasdaq bank index and the XLF financials ETF, both of which stalled at resistance today.

The other dates matching the criteria are (chart below):

Aug 23 2005
October 11 2006
November 23 2006
February 22 2007 (largest point spread over following 3 days = 69 pts)
April 8, 2008

In the Sep 09 contract, the close at 938.00 is also a 50% retracement from yesterday’s lows.  932.75 should offer support and 940.00, then 942.50, then 948.25 should offer resistance.