S&P (E-minis) 25th May 2011 Recap

S&P has broken the Weekly lows on Tuesday, this often favours more weakness this week.

However, the S&P continues to trade above the Yearly highs @ 1301, which could form a support level on Wednesday

Resistance @ 1310.75



S&P Weekly and daily range...

if the S&P was going to continue lower, then it wouldn't have moved above the Weekly lows @ 1310.75, and it would have extended down into Wednesday's lows.

But it did neither, instead moving back into the MAY 50% level @ 1324.50 and stalling once again (8.5 points), as it remains above the Yearly highs @ 1301

Wednesday's price action hasn't close above key levels in the Weekly and Monthly timeframe (1320-1325) that will help validate further strength towards the Weekly 50% level.





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