S&P 500 E-mini Futures 10th August 2011 recap

the S&P 500 has failed to remain above key primary 50% level @ 1173, which may result in Wednesday moving lower

Target channel lows @ 1136.50;- random support 14 points

Below channel lows and trend bias is to continue down into Wednesday’s lows

S&P Weekly and Daily range


Higher daily open on Wednesday and a sell down using 1173 as the trend guide (primary 50% level)

This provided over a 30-point move down into 1136.50 (low 1134.75), which then provide a precise 14-point rise.

Once the 14 point rise was over, the trend proceeded downward, with the August lows @ 1115 is once again supporting the market, and is likely to do so for the next couple of days until this 5-day cycle is over










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