S&P (e-mini ) 18th MAY 2010 Daily recap

"Expectation that US markets are going to continue down towards the Weekly lows, but there is still the possibility that there is a 2nd counter-trend day with an Upward bias.

Brown levels resistance @ 1157.

below the Yellow @ 1126 is seen as bearish towards Tuesday's lows"



S&P Weekly and Daily range.

Early rise upwards but didn’t move high enough @ 1157 (resistance)

It wasn’t until price was back below the Weekly 50% level @ 1136 that formed a R8.5 high ‘spiral top’ that provided the next leg downward.

And then another 8.5 spiral stop below the Yellow @ 1126, as price continued down towards Tuesday’s lows.

At this stage the expectation remains a move towards the Weekly lows @ whilst below 1118.






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