S&P (e-mini) 28th July 2011 Recap

breakout of the 5-day lows, therefore there's a bias to continue down into Thursday's lows

Resistance the 5-day 50% level, which matches Wednesday's breakout

 
S&P Weekly and Daily range.

 Weekly lows supported the market early in the day resulting in a rise to retest Wednesday’s breakout.

It didn’t precisely reach the 5-day 50% level, but it failed @ the July 50% level, and then continued to follow the break and extend pattern towards the Daily lows on Thursday.

Whilst price is below the weekly lows, the trend bias is to continue down towards 1266, as per Weekly report.







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