S&P (e-mini) 17th February 09 recap

"Bearish on US markets in February, as per Weekly report:- Expectation price is heading down into February's lows.

But it's hard to be short-trading when prices are trading around the Weekly lows....

Looking at the 5-day patterns, you would be trading longs from Support levels back into the 5-day 50% level:- resistance.

Break of support and extremely bearish"

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S&P Weekly and 5-day pattern

Eventually it was going to have to happen if price was heading down into February's lows:- break support.

For Tuesday's trading there wasn't any ideal 'short' set-up whilst above the channel lows, as they have often provided the support and swing up over the past few weeks.


Once the 5-day lows failed to hold, they became resistance and the S&P will probably continue lower for the rest of this week and continue down towards the February lows @ 725



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