S&P (e-mini ) 11th August 2010 recap

Tuesdays' close below the daily 50% level and below 1116, the trend bias is to move lower.




S&P Weekly and Daily range

At the start of this week I was bullish for the first 2 days based on last Friday’s lows and the expectation of the trend moving towards the Weekly highs.

As noted over the past 2-days, the channel (blue) wasn't going to allow the S&P to trend upwards, and this saw price remain range bound on Monday and Tuesday between the channels

However, the bearish pattern appeared during globex hours and the Daily close below 1112-1116.

This pattern had a minimum move towards Wednesday lows @ 1103, (random support: - 1099)

Which then resulted in a breakout and extension down into a lower Daily close.

I'd look for a minor counter-trend move upwards (1 -day) but whether price moves above 1099 again during August is another matter.





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