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

There is a breakout of Thursday's highs which should see Friday continue higher:- Friday's highs are seen as resistance.

plays for Friday....

#1 Reverses down into the daily lows @ 1112

#2 Reverses down into the 5-day 50% level @ 1121.50, but should continue down as part of a 2-day reversal pattern from next week.

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S&P Weekly and daily range

Reversal down from Friday's highs closing below the 50% level...

 and based on the current price action there's an expectation that the reversal pattern will continue for the next 2-days.

If below 1116  the 2-day reversal pattern would be down towards the Weekly 50% level @ 1097.

Otherwise next week can move into a 2-day sideways pattern, with the trend guide being 1116 for any further gains thereafter.



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