S&P 500 E-mini futures 22nd August 2011 Daily recap

August lows @ 1115 could support the current trend and swing the S&P back towards the Weekly 50% level over the next 2-days

Trend guide is 1117.75. I lean to an upward move

Resistance:- 5-day 50% levels

S&P Weekly and Daily cycles


Monday has risen up from Monday’s daily level @ 1117.75, which coincided with the Monthly lows in August:- first target 14 points

The Daily 50%  levels were seen as resistance on Monday:- first target 14 points.

The S&P has followed last Thursday's 'sell pattern' and is once again consolidating around the August lows @ 1115.


And as noted in the Daily  report, my view is that the market will try and swing upwards and retest the
Weekly 50% level in the short-term...

However, the larger cycles are pointing to further weakness towards 1045 to 1015 by early September.

In the mean time, there's robust volatility within the daily ranges for day traders, as the market zig-zags within the higher timeframe cycles













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