S&P (e-mini ) 20th October 2010 recap

Trend guide 1168.50

Either the market continues down from the daily 50% level, or it swings back towards the highs.


S&P Weekly and Daily range

Tuesday’s failure to breakout of the lows has resulted in the market moving back towards the highs using the Weekly level @ 1166 as support.

My view was for 1168.50 to push the market back down into the daily lows on Wednesday.

1168.50 provided a 4.25 reversal pattern during globex hours, but the daily channel provided support, whilst the upper channel provided resistance.

1182 continues to be resistance with the potential of more consolidation,

however, the current price action could see the S&P move towards the Weekly highs this week.




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