S&P (e-mini ) 20th December 2010 Recap

A change in the 3-day cycle and price trading below 1239.50 and I favour a move downward

Resistance 1239.50.


S&P Weekly and Daily range.

The S&P moved up from the 5-day 50% level back into 1239.50, but it didn’t play out as expected…

A 3-day sell cycle and trading below the Weekly level @ 1239.50 and there was only 1 set-up to trade and that was to use resistance for a move down towards the lower channels, and back towards the Weekly 50% level by Tuesday.

However, the market moved above those levels, once again changing the short-term cycle...

and as per Weekly report, the trend bias is to continue towards 1249-1252 this week (December highs)


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