S&P (E-minis) 2nd June 2011 Recap

there are two patterns at play based on Wednesday's breakout of the daily lows @ 1318

#1) market moves down into the daily lows on Thursday, and then swings back towards the 5-day 50% level @ 1322

#2) moves up into the June 50% level @ 1322 and is sold down into the lows

S&P Weekly and Daily

S&P followed the break and extend pattern from Wednesday's lows into Thursday's lows providing a 8.5 point rise...

but failing to provide a complete 14 point rise back towards the 50% levels.

my hunch is that it will continue to move back towards the 50% levels during globex hours or early Friday cash market hours.

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