S&P (e-mini ) 23rd MAY 2011 Daily recap

Remains above the Daily and Weekly lows @ 1310-1313 and swings up towards the Weekly 50% level @ 1341 by Tuesday (first target @ 1329)



S&P Weekly and Daily range.


Monday moved down into support levels, resulting in a 8.5 point rise, but a failure to close back above the Weekly level @ 1320, which is also below the MAY 50% level @ 1324.50

The previous week had seen a close below the Yearly level @ 1331, which has put selling pressure on the upward trend early this week, as seen with Monday’s move down into a double Weekly low pattern @ 1310.75

The support using the double weekly low pattern could see the S&P remain within the Weekly levels until the start of June.

However, Monday’s failure to close above 1320-1324 could be the start of something, because a daily close below the Weekly lows @ 1310.75 could see more weakness into the start of June.







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