S&P (e-mini ) 4th MAY 2011 Daily

Daily range in the S&P doesn't favour an UP day, but a rejection pattern at the 5-day 50% level

If shorting, then treat the market as moving down 8.5 to 14 points

 

S&P Weekly and Daily range…

2-day reversal down into 1347 held support, but the pattern in the daily range favoured more weakness….

Resulting in a 14 point down move from the 8.5 highs @ 1355

Currently the market remains within the daily range…

However, whilst below 1347, I favour more weakness towards 1324.50 (critical Support)





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