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

At this stage I'm not bearish in the US because price is trading above support levels in the 5-day pattern

For me to get bearish is US markets to rally into Friday's highs and come back down... (August highs resistance)

Non farm payroll out tonight which might be enough to push US markets up into August highs on Friday...

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S&P Weekly and 5-day pattern

Expectation Friday would complete the move into the August highs, along with price selling back down.

My expectation now is that a higher Weekly open will begin to pullback towards the Weekly 50% levels.

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