S&P (e-mini ) 23rd August 2010 recap

"High probability UP move would have seen Friday HOOK and today already trading above 1077.50

Trend guide 1071.25.

Today could end up a choppy trading range:- 8.5 points"



S&P Weekly and Daily range.

Higher timeframe patterns suggest a continuation of the downward trend, however at the start of this week I was looking for a 2-day counter-trend move upwards.

This was based on using 1071.25 as support and then continuing above 1077.50

Price moved upwards from 1071.25 completing the R8.5 range (spiral top) ,but once it dropped back below 1077.50 Monday moved into a range bound trading range to the downside, as part of the larger timeframe cycles during the 3rd Quarter.





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