S&P 500 E-mini futures 29th August 2011 recap

Resistance 1197-1199

Either Monday forms resistance, or it continues towards the Weekly highs @ 1217 over the next 2-days.

S&P Weekly and daily cycles


Early rise upwards from 1174 during globex hours on Sunday has seen the market continue towards the Weekly & Daily highs @ 1197-99 without providing much resistance. (8.5 points)

As per weekly report, my hunch is that the market would continue back towards the weekly highs @ 1217, this is because price is rotating back towards the monthly 50% levels (September).

Note:- S&P 500 has once again stalled at the 3rd Quarterly level @ 1208.50





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