S&P (e-mini ) 28th Dec 09 recap

"Monday's highs and Weekly highs are random resistance levels, but I'm not expecting a major reversal down from these levels on Monday"

Premium Trader




S&P Weekly and 5-day pattern

Monday has completed my 4th Quarter target @ 1126, which was part of the November's Monthly 50% level support and expected 2-month wave pattern upwards.

Resistance on Monday but no follow through on selling suggests that because this is the last week of the Quarter prices can continue higher early in the 2010, as there is a shift in market dynamics.

At this stage there is resistance around these levels, but I don't have a high probability pattern that suggests a major reversal down, but I will be looking for any hint within the 5-day range.

S&P 500 larger cycles

S&P 500 has reached the 4th Quarter target @ 1126.

With only a few days to go until 2010, price is most likely to continue higher into 2010, but it will be hitting a number of resistance levels, and I will be looking for potential reversal patterns back into higher timeframe 50% levels.

Important patterns in 2009 were the lows in the first quarter, the reversal pattern into the 2nd quarter 50% level. The 3rd Quarter 'Thrust' pattern away from the 50% level. The October highs in the 3rd quarter and reversal down into the November 50% levels....

And lastly the 2-month wave pattern upwards from the November 50% level and into 1126.

2010 should be an interesting year....




  • Daily Trading Set-ups & Analysis

  • Index Futures SPI, DOW S&P, & Forex

  • Subscribe to the Trader Premium

  • http://www.datafeeds.com.au/premiumtrader.html



  •