S&P (e-mini ) 30th July 09 recap

"2-day reversal from a higher Weekly open into the 5-day 50% level.

3rd day Support on Wednesday

The only conclusion I can make is a higher Thursday and Friday"




S&P Weekly and 5-day pattern

Based on this week's price action I was expecting Thursday to continue UP and Friday to follow and move towards August highs by next week, as part of the 3rd Quarter UP move.

However, a bullush pattern wouldn't usually breakout of the 5-day range and swing back inside and close below the highs @ 985.

Unless US futures kicks upwards after hours to close above 985 by midnight, then i'm not sure Friday will follow into a higher Weekly close.


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