S&P (e-mini ) 22nd June 2010 Daily recap

"Support 1105.75…

Below 1105.75 and there is a possible spike down into the Weekly 50% level @ 1089.75"


S&P Weekly and Daily range

Tuesday remained supported @ 1105.75 but failed to move beyond the daily 50% levels for most of the day ending with a push down into the Weekly 50% @ 1089.75

Normally what happens is that the weekly highs are much higher, the
market moves up into the weekly highs reverses down into the Weekly 50%
level, which by now is above the monthly 50% level, and then the trend
continues up over the next 2-months.

A reversal down into next week's 50% level is still below the monthly 50% level....

(S&P Report 16th June)

The S&P has completed that exact pattern, which would normally lead to the market rising upwards into the end of month (2 weeks) and up into July.

However, as pointed out this price action is taking place is below 3rd monthly 50% level coming into the end of the Quarter, and also trading below the daily lows on Tuesday, which can often lead to Wednesday moving lower

If the market is going higher it needs to be closing back above 1106.50 by Friday

If this week fails to move back above the June 50% level, the 3rd Quarter can start with a negative move down towards the July lows.





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