S&P (e-mini) DOW 8th Sept 08 Recap

"In the Weekly report my expectation were that US markets would come back and re-test the September 50% levels and then continue down in the 3rd week after expiry.

"Today US futures gaped UP 200 points, and they are now at the Monthly 50% levels, much quicker than expected. There is major resistance based on the monthly 50% levels but it's a bit early to be continuing down.

As a Trader I would have to define the market either side of those Monthly 50% levels, as shown in the Weekly charts, and then the support levels within the 5-day pattern."

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.......................... S&P Weekly and 5-day pattern

Both the S&P and DOW pushed lower from their September 50% levels on Monday and down into support, attracting buyers off the lows....

Now it's a waiting game to see which levels break :- breaks Support on Tuesday verifies September 50% levels as resistance...



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