S&P (E-mini) 19th July 2011 recap

Today is about whether the market remains within the Weekly levels (below the Weekly 50% level)

or Monday's price action continues back towards 1325+

Trend guide the daily 50% level @ 1308.50

S&P Weekly and Daily range.



With the trend being below the timeframe 50%, the bias was to continue down…

However, if the market started to trade above 1308.50 (daily 50% level), Tuesday would have continued back towards the Weekly 50% level @ 1317/1318

That level was a resistance zone of 8.5 points…(daily channel  highs and Weekly 50% level)

But that failed, and Tuesday’s price action is a continuation of Monday’s price action, and a swing back towards the 3rd Quarter level of 1325 once again.




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