S&P (e-mini ) 18th October 2010 recap

Monday is trading around the middle of the daily range and the Weekly level @ 1166.

This could see a swing back towards the highs once again, which will move into my preferred pattern.

Preferred Pattern:- Monday moves up into the daily highs and then reverses down into the daily lows.


S&P Weekly and Daily range.

My preferred pattern is half way there, it will now be dependant on Tuesday’s 50% level and the Weekly level @ 1166.

If price is below 1166 on Tuesday then I’m looking for a move down into the Weekly 50% level.

My preferred pattern was to see Monday continue down and now trading below 1166.

As you are aware my view is that there is a brick wall around 1182-83 in the S&P, with the expectation that the market is rotating back toards the monthly 50% levels....

But with Monday's price action it hasn't moved below key levels as yet





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