S&P 500 E-mini futures 30th August 2011 Daily recap

There are two patterns at play on Tuesday

#1) rises up from 1197-1199 (8.5 to 14 points)
#2) reaches the highs (1218 to 1222) but reverses back down. (Daily report)


S&P 500 Weekly and Daily


Because there was a breakout of Monday's highs, there's an expectation that the trend will continue upwards, as part of a break and extend pattern in the daily range

This was helped by the Weekly level @ 1197.25 and also the red daily filter

Day traders first targets upwards were reached 8.5 to 14 points. ($700)

The market then continued towards the Weekly highs @ 1218, which was seen as resistance, providing another 8.5 to 14 point reversal down into the close.

Things get extremely interesting from Thursday onwards if below 1197














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