S&P 500 E-mini futures 17th August 2011 Daily report recap

My view is that the 3rd day will try and rise upwards using support @ 1290.50, & first target 14 points.


Wednesday is either going to continue towards the daily highs, or it’s going to struggle to break and 3rd Quarterly level @ 1208.50.

S&P Weekly and Daily range.

Same pattern over the past 3-days of rising upwards 14 points, but not continuing towards the higher timeframe levels, as part of a 3-day rally.

As noted in the Weekly report…..

A 3rd Week rally normally begins with a 3 day move, as part of retesting the previous Weekly breakout or at least the August 50% level @ 1245.


If that occurs, then traders should begin to look for shorts once again from Thursday onwards.And if everything goes to plan, the market slowly unwinds and begins another downward leg into September lows.

The market hasn’t continued up towards 1245 by Thursday, or at least the Weekly 50% level @ 1226, as this would provide levels to use as resistance:- Sell higher daily open using resistance

The 3-days are now over, which means the S&P can’t break the Quarterly level @ 1208.50 and Thursday begins to reversal pattern back towards lower lows, confirmed with price trading below the Weekly level @ 1269

However, because this week hasn’t tested upper levels, this week could now remain in a tight consolidating pattern above 1269/73, and then push upwards over the next 5-days (next week) to close out the month of August near the monthly 50% level.

Basically, the ideal short-trade from Thursday onwards hasn't aligned with upper levels






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