S&P (e-mini ) 18th April 2011 Daily recap.

Weekly 50% level and channel highs are the trend guide… 1319-1316

Channel lows random support

Keep an eye on a daily close below the Weekly lows @ 1299


S&P Weekly and Daily range.

As noted in the S&P 500 Weekly report...



Because of the shift in the Weekly lows, there is now greater chance of a


larger reversal pattern towards lower Support levels @ 1247-54, if there is a daily


close below those Weekly lows @ 1299




We currently have that pattern playing out, along with a breakout of the 5-day lows

on Monday, which will often extend towards lower lows in the following day....



Standard & Poors came out with a negative outlook on the US economy, which help set-up Monday’s down day, and breakout of the daily lows.

The current price action has the market below the critical support levels (1300-1304), along with being below the 5-day low:- potential break and extend pattern

As noted in the Weekly report, below key support levels and the trend bias is down towards the April lows @ 1256, as the first target.


Note:- Standard & Poors came out for the first time with a negative outlook

on US AAA credit rating, which if it spooks the market further, then look for a larger reversal
pattern towards 1173-1185.






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