S&P (e-minis) 20th July 2011 Daily recap

Moves down the daily highs and into the daily 50% level, which aligns with the July 50% level @ 1313-1314 (support)

 
S&P Weekly and Daily range


S&P has rotated down from the daily highs and is slipping back into the intra-day support levels, which align with the July 50% level @ 1313

The support levels is the trend guide for the rest of the week.....

Normally I would look at the price action and have the view that the next 2-days will rise upwards, and towards and higher weekly close.

However, when I factor in the 3rd Quarterly level @ 1325, that has been acting as resistance, then that's not a forgone conclusion








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