S&P (e-mini ) 8th March 2011 Daily recap.

Whilst the S&P remains below it's Weekly 50% levels @ 1322.50, I’ll continue to have the view that it's trying to move down into their support levels (130.50)



S&P Weekly and Daily range

There were two probable patterns in the S&P on Tuesday….

#1 Remains within the channels and continues back towards the highs @ 1329.50

or the one I favoured...

#2 it shouldn’t move higher than 1319.50 & the trend continues down from the daily 50% level towards the weekly low level @ 1300.50

Early weakness on Tuesday provided a 8.5 point reversal down, but it didn't complete the move into the Weekly lows, instead remaining in a tight trading range within the daily channels, whilst remaining below the Weekly 50% level.


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