Looking at a longer=term weekly chart, March S&P futures we posted a low at 1357.50 in December of 2012l In October of 2013, we ticked 1633.50. The next intersection point on that support trend line is 1746. We settled at 1763. Roughly another 20 handles of air beneath this market. Please look at the chart below
The Dow futures chart is a little funkier. That suggests no real healthy support until 14,900.
Look at the weekly chart for March Mini Dow below.
Next week should be interesting. I was stopped out twice on short positions in the dow this week by having my stops too close. At this point, I believe you have to be selective, but be willing to take 100 ticks of heat per contract, because volatility has picked up. This makes me think of the market in 1998 through 2001, when we had daily swings of 200 to 300 pt trading ranges. There is lots of opportunity, but lots of risk because of the daily swings.
CER