S&P (e-mini ) 7th July 09 recap

"Lower Weekly open and rising UP from support (July 50%) normally follows a 2-day UP move.

Two plays on Tuesday....

1. Either Support (yellow) sends the S&P into a higher daily close towards the Weekly 50% levels

2. Or the Thursday breakout from last week and 5-day 50% levels pushes the S&P back down, but 'down' won’t be confirmed unless the S&P is trading below Yellow support @ 890"


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S&P Weekly and 5-day pattern

US markets continued to drop in the 3rd Quarter, but it wasn't a probability pattern that Tuesday would fall.

The normal price action would be a 2-day UP move back into higher timeframe resistance levels, using Monthly 50% level support, and then short-trade and higher daily open:- 3rd day sell using resistance

TUesday started early with Price rising up from support and moving 80 points up, but failed to break the 5-day 50% level.

However, there was a 'sell' pattern based on Last Thursday's breakout, but it needed to be confirmed with a break of support @ 890.

Once support failed on Tuesday, price followed the 5-day pattern into Tuesday's lows, and now the S&P is trading below July's 50% level....






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