S&P (e-mini) 22nd January 09 recap

"US markets moved down into the Weekly lows and reversed upwards, as part of Wednesday's set-up....

But I’m not sure how much more upside there is based on the previous Weekly low breakout, and the state of Financial stocks atm.

Thursday looks like a consolidating trading day, but based on the higher daily open

I would favour a move back down into support and from there it's anyone guess..."

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S&P Weekly and 5-day pattern

Thursday ended up a choppy trading day, which resulted in a consolidating day around support.

I didn't expect an UP day, but simply a move down from Thursday's higher open and down into support...

Once it got down into support I had no expectation, and we can see the price movement either side of support but remaining below the 5-day 50% level....



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