S&P (e-mini) 9th January 09 recap

"US markets have reversed into the January 50% level and have been pushed down.

I'm looking for Friday as a consolidating trading day until next week.

Once again it's all support trading on the Side of Support (yellow)

Below support and the bias is to move back down into Friday's lows"

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S&P Weekly and 5-day pattern

The charts tell the story on Friday's trading.

Below Support and the 5-day filter and the likely path for Friday was to move back down into the lows...

Resulting in a lower Weekly close, which is below the Weekly 50% level and a rejection pattern down from the monthly 50% level in January.

Not a good sign for any higher moves this month.



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