S&P (e-mini ) 5th April 2011 Daily recap.

Monday has remained within a tight trading range, resulting in the daily range contracting. This will eventually lead to a breakout of the daily and a move towards the Weekly highs, or down towards the Weekly 50% level.



S&P Weekly and Daily range.


Tight trading range over the past 2-days, as the market continues to remain above the Weekly level @ 1322, but within the daily range….

With the contraction of the daily range, my view was that Tuesday could breakout and move towards the weekly levels, but once again it fails to move beyond 8.5 points

As per Weekly report....

Whilst the market remains above the Weekly level @ 1322, the trend can continue up towards the Weekly and monthly highs @ 1246-1253,

Or....

The S&P is once again trading around the Yearly highs @ 1331, which can push the market back down towards the April 50% level @ 1304.50, and as far as the current Weekly 50% level @ 1296



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