S&P (e-mini) 23rd February 09 recap

"Last week's price action occured from a Weekly low breakout, I have to view the markets range bound between the Weekly 50% level and the Weekly lows.

Trade on the side of the 5-day 50% level:- Below the 5-day 50% level and moving down into Support.

Two patterns based on Yellow support

SET-UP A:- bounces back above the 5-day 50% level and continues higher.

SET-UP B:- fails and moves down into the 5-day blue filter:- Monday's lows"

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S&P Weekly and 5-day pattern


US markets moved down into Yellow support and failed to hold sending US markets tumbling down into Monday's lows, and as far as the Weekly lows in both the S&P and DOW.

With the Breakout of Monday's lows, the S&P should reach its February lows of 723 by Tuesday.

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