S&P (e-mini ) 29th April 2010 Daily recap

There are two patterns at play….

1. sells down on Thursday into the daily lows, Thursday’s lows are seen as targets not as support.

2. pushes down from the daily 50% level and into the Yellow levels, but ends up closing higher.




S&P Weekly and Daily Range...

S&P continues back towards the highs after finding support around this week’s lows and crossing over the daily 50% level on Thursday.

Today's price action wasn't part of my overall view, as I was leaning towards Set-up #1 occurring and heading down towards the lows.

This was based on April high resistance, and for the first time in 8 weeks trading below the Weekly 50% level @ 1199

Whenever a reversal pattern occurs, often there is a 1 day counter-trend move (higher Daily close Yesterday) and then the trend continues down into a lower Friday close using the daily 50% level as resistance.

Often that resistance can last into the Yellow (#2) and then closer higher, (8.5 point reversal) but that didn't happen either .








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