S&P (e-mini ) 13th August 2010 recap

S&P trading around medium term support levels:- 1073-78

I have the same expectation :- resistance 1094-1099

Support 1062-65



S&P Weekly and daily range

Another flat trading day consolidating in double 8.5 ranges without reaching resistance levels or lower support levels.

Current price action suggests more weakness whilst below 1085...

Because price is below the monthly 50% levels in August the trend bias is to continue down, but that will need to be verified with a breakout of the Weekly lows.

otherwise next week can move into another 5-day consolidating pattern between the lows and the Weekly highs.



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