S&P (e-mini ) 2nd July 09 recap

"US markets range trading below the Weekly 50% level and monthly BP.

Those ‘creeping 5-day lows’ are interesting, because an ideal pattern for the market to move higher would be to see US markets come down into those 5-day lows, bounce, and close back above the 5-day 50% level

It is bearish if prices break the 5-day lows and close below them, as markets are slipping down into July 50% levels"

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S&P Weekly and 5-day pattern

Even before the JOBS data came out, S&P futures were selling down from the 5-day 50% level and heading towards the 5-day lows on Thursday.

Once the jobs figures came out, the 4 hour close below the 5-day lows, set-up further weakness down towards the July 50% levels.

Public holiday in the US on Friday.....

Weekly report out tomorrow



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