S&P Daily 6th January 2009 recap

"We can see there is a 3-week high breakout in the S&P, therefore there is an expectation of higher prices....

Monday stalled and moved into a consolidating trading pattern, and we can see that in both markets that there was a breakout of Friday's highs.

Whilst above those Friday highs there is now an expectation that the bias is to continue higher on Tuesday:- random length using support (Yellow) "

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S&P Weekly and 5-day pattern

Tuesday ended up trading between support and the January 50% levels.

At this stage the bias continues to be UP, but it's struggling to close above the January 50% levels.


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