S&P (e-mini ) 24th March 2011 recap.

My focus is on the S&P and the yearly highs @ 1299-1301 forming resistance, and moving down over the next 2-weeks.

However, the DOW is showing short-term bullish signs with yesterday’s close above the Weekly 50% level



S&P Weekly and Daily

The sell-pattern set-up was for Thursday to hit the daily highs and Weekly 50% level @ 1299-1301 and sell down.

This pattern started with an 8.5 reversal, but it then should have continued down towards 1271.50 by today’s close.

Instead it moved down 8.5 points, finding support above the 1293, which was my resistance level for the past 3-days, and once the market started to trade above 1301 it was going to follow with more gains:- fake break

S&P has followed the 'fake break pattern' of last week’s lows with today’s move above 1300 and breakout of Thursday’s highs.

This would normally see the trend continue back towards the Weekly highs



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