S&P (e-mini ) 25th August 09 recap

"US markets reversed down on Monday without the S&P hitting the Yearly 50% level @ 1037.50

Because of this pattern and the position of the levels I can’t favour a continuation down until the S&P at least reaches the Yearly 50% level @ 1037.50 on Tuesday or Wednesday"

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S&P 500

S&P Yearly 50% @ 1038 has reached after last week's HOOK pattern.

Once 1037.50 was reached sellers came into the market, and I would look for a push back down towards the August highs @ 1012.

At this stage for any continued weakness in the S&P needs to be trading below the August highs @ 1012 by the end of the Week, and be continuing down the following week.

Otherwise, a Monthly close above 1012, can see the S&P follow the September pattern into higher highs.



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