S&P (e-mini ) 4th March 2010 Daily recap

"It’s simply a case of using the 5-day 50% level, as Thursday’s trend guide.


If above the 5-day 50% levels (Yellow) then more upside.

Below is a bearish push towards the monthly 50% levels into support"




S&P Weekly and 5-day pattern.


S&P continues to push upwards on Thursday but remaining in a tight trading range.


A position trader trading Longs on the S&P with the expectation
price is rising towards the monthly highs, nothing has changed and dynamically the market points to higher prices next week.

If short from the Weekly highs (Wednesday), then the 2-day filter (yellow) is what you wanted to see broken on Thursday and confirmed with a break of the 5-day 50% level with the view price is moving towards the Support levels.

This didn’t happen on Thursday, and as the week comes into the close, shorting this week's high has less probability of providing a 2-day reversal, because the line of resistance disappears and moves higher.


If long using the filter (intra-day trader), the market move upward was 8 points, which is a day-traders first target range intra-day.







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