S&P (e-mini ) 23rd September 09 recap

"The pattern I would like:- the 5-days hit, stall, and then look for a break of the Support levels on Wednesday from a move down into the 5-day lows with the potential of a lower Friday close"

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S&P Weekly and 5-day pattern

Expected up move and sell pattern occurred 1 day late using the 2-day pattern rise and 5-day high sell, but the important pattern was Wednesday’s break of the 5-day 50% level and move down towards the 5-day lows..

As per the pattern, whilst price is below 1062 I would look for a continuation down towards a lower Friday close, which could end up around the Weekly 50% levels.

Because there isn’t a break of the 5-day lows, the market can still remain range bound within the 5-day range over the next two days.







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