S&P (e-mini) 16th March 09 recap

"Short-term traders would buy support looking for an UP move towards Monday's highs and exit.

Monday's highs are random resistance"

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S&P Weekly and 5-day pattern

Monday didn't move down into support to trade longs, but once those upper levels were reached in the 5-day pattern (resistance), sellers hit the market pushing price back down towards support.

I would like to see another push down into the Weekly 50% level on Tuesday before any potential up move continues this week.


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