S&P (e-mini) 12th June 2008 Recap

"Whenever the market breaks support in one day it often moves down into support the next day, in this case down into the Yellow levels in both markets

If this is the case, and depending on what time it occurs (if it occurs) I would look for a some late short covering around those lows, but nothing to get too excited about other than some short covering of yesterday's down move."

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S&P Daily and 5-day pattern


Looking for further weakness on Thursday with some late short covering around the lows, but I would have liked a push down into the 5-day lows once again before short covering came in.

Instead the S&P remained in a tight trading range, with late short-covering coming off the channel lows.



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