S&P (E-minis) 20th June 2011 Recap

S&P is either going to move upwards:- short-term counter-trend move from the June lows, as per Weekly report...or continue to fall.

And whilst the S&P is below 1268.50, the trend bias is to follow the Weekly range towards new lows.

Random support 1254 (8.5 points)



S&P Weekly and Daily range


S&P didn't move down into the daily support level @ 1254, instead it rose up from the June lows @ 1259 and closed above the Weekly level @ 1268.50.


Whilst the market is above 1268.50, the trend bias is up, as part of a short-term counter-trend move.


Note:- QE2 funding ends on 22/6/2011...


and that will have a bearing on whether the counter-trend continues higher, (QE3?) or resumes the the downward trend towards 1173-88.



Posted by