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

"Rest of this week will have an UP bias, but there can also be a down day during this week.

The down day will normally occur after the daily close above the 3-day cycle highs.

Based on market dynamics:- if price comes down into the 5-day 50% level I would lean towards Wednesday moving up into the highs:- higher daily close and above the 3-day cycle"

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S&P Weekly and 5-day pattern

Higher daily close above 1055, but sadly price didn't come down into support to trade the higher Daily close.

The 3-day cycle changes and at this stage I would like to see a 2-day reversal/stall pattern on Thursday/Friday

Even though I have a view of higher prices in the 4th Quarter, a 2-day reversal pattern and a Friday close above the Weekly 50% levels can set-up another move upwards next week using the Weekly 50% levels as support.

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