S&P (e-mini ) 24 September 09 recap

"2-day rise into the 5-day highs on Wednesday set-up a break of the 5-day 50% level and move down into the 5-day lows on Wednesday.

As per the set-up, there is an expectation that there is going to be a lower Friday close, which could see prices back around the Weekly 50% levels.

2-day pattern play….

Thursday rises up from Wednesday’s 5-day lows and hits Thursday 50% levels and continues down into the lows (SET-UP A)"

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S&P Weekly and 5-day pattern

5-day pattern sell from Wednesday has continued down into the Weekly 50% levels.

There is a view of a lower friday close, however with the Weekly 50% levels it will depend on friday's 5-day set-up on whether the trend will continue down and below 1035.




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