S&P (e-mini ) 4 Nov 09 recap

If US markets are going to follow the November 50% level support levels, then a breakout of the 3-day cycle highs (daily close above), is the pattern that needs to be seen first.

Daily close above and then a 2-day stall above the Weekly 50% level and a move higher next week, using the Weekly 50% level as support.

Once again it's the 5-day 50% level that's the trend guide....

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S&P Weekly and 5-day pattern


November 50% level support and a move upwards on Wednesday, but back down into the intra-day support levels at the end of the day.

The rest of this week is going to be defined by 1048.

As per report, a higher daily close and then 2-day stall above 1048 would normally continue higher next week, but when price spikes upwards and then closes back below, can see more downward pressure resulting in a tight weekly bar range and 5-day pattern around November’s 50% levels.




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