S&P (e-mini ) 15 March 2010 Daily recap

"Price action on Friday suggests that US markets are moving into a 2-day reversal back towards the Weekly 50% levels.

Resistance 1149.

What normally happens in most 2-day reversals is that the Monday's lows will most likely support the market and price rotates back towards the 50% level.

If the trend is going to continue lower, then Tuesday's 50% level starts the next leg down"

S&P 500 Weekly and Daily range

S&P didn’t move down into Monday’s lows but has rotated back above the 50% level in late trading.

As per report, if the S&P is going to follow a 2nd day reversal it will be defined by Tuesday’s 50% level.

And then it will depend on whether Tuesday breaks the Weekly 50% level or the level holds.

At this stage I’m treating the first 2-days of this week as a short-term reversal pattern from Friday's highs, with a bias to continue higher in the 2nd Quarter.





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