S&P (e-mini ) 26th August 2010 recap

Based on the current price action and today's higher daily open around the 5-day 50% level, there is a possibility of more weakness using 1058-59 as resistance:- 8.5 points.

Thereafter becomes a random pattern:- either the Weekly lows supports the market

Or there’s more weakness as part of the trend down from 1098.50 to 1022.



S&P Weekly and daily range.

Early resistance providing a money pattern completion of $425 USD using resistance and the spiral top @ 1059

However, I didn’t know whether the Weekly lows would support price thereafter, or continue down as part of the larger trend driving price down towards 1022, as per weekly report

Thursday's price action illustrates that the larger trend is in control coming into September.





Posted by