S&P (e-mini ) 30th October 09 recap

"Thursday isn’t a concern in a downtrend just yet, because often price can have a higher daily close and then continue down into a lower Weekly close on Friday after retesting the 50% levels.

I've seen these patterns before, where there is a 1-day UP in the down trend and then the trend continues in the direction on Friday.

In the case of the S&P 500 down"

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S&P Weekly and 5-day pattern

As I mentioned yesterday, Thursday's UP day wasn't a concern, as I've seen these patterns before.

Friday:-Higher Daily open using resistance levels (weekly) with the expectation that price would continue down into a lower Friday close and follow the original Weekly direction.

Yesterday closed above the 5-day 50% level, but Friday opened below forming a thrust pattern into the lower Friday close.

The only thing I'm not happy about this week's trading, was it didn't go down more:- Tuesday should have crashed and be trading below the 3-week lows.


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