S&P (e-mini ) 10th Dec 09 recap

"No Weekly HOOK pattern on Wednesday, and as this stage it becomes a higher daily open and 'sell' resistance.

Below the Yellow @ 1093 and the bias is to continue down into Thursday's lows.

A higher daily close might occur using Yellow support and if price rises above the blue channel"




S&P Weekly and 5-day pattern

Wednesday’s higher daily close and failure to HOOK above the 50% level @ 1098 and I would normally look for a continuation of the short-term trend: - sell resistance using the 50% levels and a higher daily open on Thursday

If the S&P had closed above 1098 on Wednesday then Yellow support is used to trade longs, however that wasn’t the case.

Jobs data came out and this sent Thursday higher, and once above the 50% levels the pattern was to continue with the overall trend of the market.

At this stage the market remains supported after the initial 2- day reversal on Monday and Tuesday, Wednesday's 1-day counter-trend, and nowThursday's higher close above 1098.







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