S&P (e-mini ) 17th August 2010 recap

"No probability in today's trading but 1084.75 is the key level on whether Tuesday continues down into support levels:- Weekly lows

Or a move upwards into a higher daily close, with a possible weekly HOOK pattern"



S&P Weekly and Daily range.


Tuesday continued upwards but hit a brick wall around 1098.50-1099, which is the trend guide for the 3rd Quarter.

A Weekly HOOK pattern normally occurs on Tuesday, which is a daily close above the 5-day 50% level and 3-week 50% level, and often leads to a higher weekly close by Friday.

At this stage it is too early to tell whether it’s A HOOK pattern because the daily close needed to be above 1091.50.





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