S&P (e-mini ) 18 JAN 2010 Daily

"S&P 500 has reversed down from the January highs and found support around the Weekly 50% levels. Often these exact same patterns can set-up a lower weekly open and a 2-day UP move.

A continuation of the trend down, will fail around the 5-day 50% levels and close near the Weekly 50% levels on Monday (lower close), then Tuesday can often break and continue with the reversal trend, which can often be a large trending day"

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S&P Weekly and 5-day pattern.

Because of the public holiday on Monday, I don’t know what’s going to happen as the closing price on Monday is right in the middle of two patterns.

The Weekly 50% level support and Friday’s price action can often set-up a 2-day UP move back towards the highs. However, a larger trend reversal from the Monthly high can often retest these exact levels in the daily pattern and closes lower on Monday.

Because of the early close on Monday, at this point it's an each way bet on the direction, but globex will let traders know the by the time the cash market opens on Tuesday.







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