S&P (e-mini) 12th March 09 recap

"Wednesday reversed down from the highs and into the 10-day 50% level, which was viewed as support.

We have two plays on Thursday:-

Set-up A:- rises up from support hits the Weekly 50% level once again and then reverses back down breaking support:- 2nd day.

Set-up B:- rises up from support and continues towards Thursday’s highs:- not a 2nd day reversal."



S&P Monthly and 5-day pattern

US markets continued higher on Thursday following the bottom reversal pattern around the March lows.

Thursday's support aligned nicely pushing towards Thursday's highs, resulting in a breakout and a probable continuation towards the March 50% level.


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