S&P (e-mini ) 5 JAN 2010 Daily

"Expectation of a 2-day up move into the Weekly highs has played out in the first day.

I would look for a push upwards on Tuesday into the highs.

Those highs can resist price for a move back down into the 5-day 50% level, or Tuesday can remain flat as it waits for the Yellow support level to catch up tomorrow"



S&P Weekly and 5-day pattern

Early push up into Tuesday’s highs and a flat trading day around resistance levels, as part of the 2nd day UP move.

There is a bias to continue towards the January highs, but at this stage I’m not sure if that happens this week, or the price action follows my Weekly report: - Weekly highs resistance and then continues higher the week after.

At this stage we have Weekly high resistance, but the focus is on the 5-day patterns and taking small chunks out of the ATR after Monday's UP day into these levels.


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