S&P (E-minis) 11th July 2011 Recap

Weekly levels @ 1331.75 will define whether the markets continue upwards...

or reverse back towards the July 50% levels.

Daily level matches the Weekly level @ 1331.75

S&P Weekly and daily range

The S&P was either going to remain above the Weekly level @ 1331.75 and move up within the daily range...

or it was going to fail, resulting in a reversal pattern back towards the July 50% level, which has formed support @ 1313

As noted the Weekly report... a 5-day low breakout will help valid weakness in the S&P, as it is now below the Quarterly level @ 1325.

And whilst it remains below 1325-1331, the market looks to be moving into another long term sideways pattern during the 3rd Quarter







Posted by