S&P (E-minis) 17th May 2011 Recap

Monday was the first daily close below 1331 since the first Quarter (1331 has acted as resistance during the first Quarter)

Resistance @ 1329-1331

Random Support Tuesday's lows.

S&P Weekly and Daily range.

Early rise up from Monday's lows, but 1331 acted as resistance pushing the S&P down into Tuesday's lows:- random support 8.5 points

As mentioned in Yesterday's recap, the DOW was also trailing that same reversal pattern, which aligned on Tuesday (MAY 50% level & Weekly lows @ 12365)


Both markets have now played out the same reversal patterns, finding support at their Weekly lows

However, the critical level in the S&P 500 remains 1331, as Tuesday's support failed to close above 1331, as yet.





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