S&P (e-mini ) 21 October 09 recap

"Until the end of this week traders should concentrate on the short-term moves in the 5-day pattern.

Wednesday is simply about trading on the side of the 5-day 50% level.

After yesterday’s reversal down into Yellow support, I would favor an UP day"

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S&P Weekly and 5-day pattern

Early support on Wednesday with the same upside pattern into Wednesday’s highs.

Expectation of Wednesday’s highs to be a random resistance zone, and a move back into the 5-day 50% level was all that I expected, but I didn’t model a move all the way back down into the 5-day lows on the same day.

At this stage Wednesday has found support around the 5-day lows, that can see more intra-day rotation this week until Friday.

However, below the 5-day 50% level on Thursday has the potential to push down into the Weekly 50% level.

As per Weekly report, global markets are trading around resistance zones (October highs)

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