S&P 500 Daily 7th January 2009 recap

"US markets are trading in a tight band that is being 'capped' below the January 50% levels, and with Tuesday's reversal down from the monthly 50% level, there is now a possibility that prices could begin to drift back down into the Weekly 50% levels.

There can't be a reversal down unless price is trading below support (yellow), and a break of support favours a 2-day down pattern, which I would look for a move towards the blue channel 5-day filter"

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us1-7z

S&P Weekly and 5-day pattern

Wednesday's trading followed Tuesday's reversal pattern down from the January 50% level....


Breaking support (Yellow) and moving directly down into the Weekly 50% level, which was matched by the 5-day channel blue filter.





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