S&P 500 E-mini futures 18th August 2011 Daily recap

I'm now looking for the market to begin to move down from Thursday onwards.

my view is that Thursday is moving down, using the 5-day 50% levels as trend guide

 
S&P Weekly and Daily cycles


As noted a number of weeks ago and explained in the Weekly report....

There was a bias to continue upwards for the first 3-days in the 3rd Week of the current month and then selling from Thursday onwards.

Today's Selling began after the cash market closed on Wednesday, as it was below the channel highs @ 1190.50

and then confirmed with a breakout of the channel lows and 5-day 50% level @ 1178

Thursday's selling has resulted in a breakout of the daily lows










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