S&P (e-mini ) 17th August 09 recap

"August high resistance, and I mentioned last week that if US markets failed to break the August highs by Friday then this week would mostly likely reverse back down.

This is based on the ‘tight’ 5-day range pattern, and then the following week price continues down.

The first clue will be a break and close below the 5-day lows, and the first target will be the Weekly 50% level"

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S&P Weekly and 5-day pattern

Start of the new week and sell-off from the 5-day 50% level and breakout of the 5-day lows.

First target is the Weekly 50% level (random support 1 day)




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