S&P (e-mini ) 21st March 2011 Daily recap.

Whilst the market remains above the Weekly level @ 1271.50, there is still the possibility that the S&P retests the Yearly highs @ 1300, matched with the Weekly 50% level

Trend guide 1283.


S&P Weekly and Daily range…

There were 2 resistance levels in the S&P on Monday:- 1283 and 1293.

The first resistance level @ 1283 had an expectation that price would move back down (8.5 points) and retest the daily 50% level and Weekly level.

That failed, with the trend moving upwards and hitting the next resistance level @ 1293, matched with Monday’s highs.

Once again, that level failed to provide a 8.5 reversal pattern during cash market hours, but may do so during globex trading hours.



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