S&P (e-mini ) 7th February 2011 Daily recap.

"Weekly highs match the monthly highs @ 1316 :- resistance."

                                                 S&P 500 Weekly and Daily range.

Monday has pushed upwards and it’s hit resistance @ 1316 and stalled (Weekly and Monthly highs


The rest of this week has two possible patterns that’s going to play out…


#1. 1316 resists the trend from moving upwards, and reverses back down. If below 1304, then I'd be looking for further weakness this week, as it completes the double monthly high in February

#2 1304 pushes the S&P 500 upwards, and the trend continues to move towards 1331 during the current month of February, as illustrate in the Weekly report.

At this stage I’m treating the market as hitting resistance, but there hasn’t been follow through just yet to help validate #1, using 1304 as the trend guide.

And whilst the market remains above Monday's highs @ 1312, there is always the possibility that Tuesday moves upwards once again.





Posted by