S&P (e-mini ) 31st January 2011 Daily

There are two possible patterns for Monday

1. Because there is a breakout of Friday’s low, the S&P can revisit the breakout @ 1278 and then continue down into Monday’s lows


#2 continues back towards the Weekly 50% level @ 1280 and a higher Monday close:- 1284


S&P Weekly and daily range.

S&P has followed a higher Monday close back towards 1284.

My hunch was that the S&P would follow that pattern, simply because this week’s lows @ 1263 have already been reached, and the market is following a reversal pattern within the daily range.

Tomorrow starts the new month of February, and because there is a Daily close above the Weekly 50% level, we could see the S&P continue back towards the Weekly highs, and then make higher highs in February.

However, anything below the Weekly 50% level, and the expectation is that the market is moving down into the February 50% level, as per Weekly report.




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