S&P (E-minis) 16th May 2011 Recap

I favour some support around 1325 (8.5 points), and then for price to continue up towards the Weekly 50% level @ 1346 over the next 2-DAYS (Tuesday)

don't trade longs below 1320

S&P Weekly and Daily range

S&P rallied early on Monday 8.5 to 14 points, but sadly it didn't reach the entry level @ 1325...

And Monday has now closed on it's daily lows.

The Weekly lows have once again moved upwards to align with support levels in the S&P500 (1324.50)

However, we must acknowledge that a daily close below 1320 (globex) will put pressure on the S&P to move down into 1300.

Both the DOW and S&P aren't aligned, and if you recall back in MARCH, the S&P broke the 3-week support levels, whilst the DOW simply moved down into the 3-week lows, and then continued upwards.

Those Weekly lows in the DOW are @ 12365/75 (another 100 points lower)









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