S&P 500 E-mini futures 24th August 2011 Recap

Trend bias is to continue up towards the Weekly level:- 1173/1177 (Resistance)

Using support levels @ 1143


S&P Weekly and Daily range


S&P has continued to move up from the August lows @ 1115 back towards the Weekly 50% level @ 1177


The levels in the daily range continue to provide ideal set-ups, and today the resistance levels @ 1173-1177, provided traders with a 14 point reversal downward before the market continued towards a higher daily close.

1173 is the Yearly 50% level & along with the Weekly 50% level @ 1177 can continue to act as resistance this week.


However, Obama is making a speech on Friday, and if there’s an announcement that QE3 or something that resembles it, the current reversal up from the August lows can continue towards 1245 by next week ( Monthly 50% level)







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