S&P (e-mini) 11th March 09 recap

"Wednesday's highs are viewed as resistance, which could see the S&P reverse down from 729.

Two probability patterns on Wednesday:- expectation of a Weekly 50% level resistance and reversal down, as part of a 1-2 day reversal.

Any reversal down and the 10 day 50% level could support the market on Wednesday, but continue down Thursday, as part of the 2nd day reversal"

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S&P Weekly & 5-day pattern

S&P hits Wednesday's highs are reverses down into the 10-day 50% level support.

There is an expectation that there is a 2nd down day on Thursday, as it goes looking for lower support levels before any potential continuation upwards.


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