S&P (e-mini ) 29th June 09 recap

"The view is for the US markets to reverse down from these levels based on a higher Weekly open and trading below resistance:- Weekly 50% level


However, if prices aren’t below the 5-ay 50% levels on Monday, then Monday could end up range bound between support and Monday’s highs"

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S&P Weekly and 5-day pattern

As per Weekly report, US markets were trading below the Weekly 50% levels along with higher Weekly open, and I was looking for a 2-day reversal down into the start of the 3rd Quarter.

Expectation on a higher Weekly open below resistance is a pullback over the next 2-days towards the July 50% level, however Monday started the day near or around the 5-day 50% level sending the S&P into Monday's highs and stalling.

I’m leaning to bullish patterns in the 3rd quarter, but I need to see certain price action to confirm another UP move based on price trading above the Weekly 50% level along with a 5-day high breakout.

Based on Monday's trading, the price action is nearly there, as Price has closed above the Weekly 50% level but not yet on the 5-day high breakout in the S&P.

Last day of the Month and Quarter on Tuesday, but 916 now becomes the trend guide for this week




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