S&P Futures (e-mini) 2nd August 2011 recap

Resistance :- 1285-1288

Random Support Tuesday’s lows (8.5 to 14 points)

With the possibility that the trend continues to move towards the August lows @ 1251

S&P Weekly and Daily cycles

As noted in yesterday’s recap….

"trends that originate from the monthly 50% levels in the first week of the month can often continue to trend outward during the current 5-day cycle:- This could see the S&P down into its August lows @ 1251 as a minimum move"

Tuesday failed to hit resistance levels (intra-day), but has continued downward, as part of the monthly 50% level rejection pattern, completing the move into the August lows @ 1251

There is a breakout of Tuesday’s lows, therefore there’s an expectation that the trend will make lower lows on Wednesday....

And there is also a breakout of the Weekly lows @ 1271, therefore there is still the expectation that this week will be a top-to-bottom 5-day cycle.

any further weakness in the S&P is towards 1208 (3rd quarter channel lows),





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