S&P (e-mini ) 14th September 2010 recap

"Resistance on the S&P @ 1123.50 to 1126

Support 1112.50"

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S&P Weekly and Daily range

As per Daily report:- Two patterns at play on Tuesday.

#1. moves up into the highs and reverses back down into the 50% level.

This can set up another sell pattern on Wednesday.
#2. Moves down in 1112.50 first...

and then continues up into 1123.50 to 1126

What happened was 1112.50 provided support for a test of the highs and then a reversal back down.

September Futures has reached the resistance levels, but the reversal back down didn't move to the daily 50% level.

Because of this it's too early to tell whether Wednesday will provide another 'sell' pattern.





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