S&P Futures (e-mini) 3rd august 2011 recap

Breakout of Tuesday lows should extend down into Wednesday's lows.


Wednesday lows  are seen as random support (8.5 to 14 points)


with a possible retest of 1267/1272 later in the Week


S&P Weekly and Daily cycles

S&P moved down into Wednesday’s lows, as part of Tuesday's break and extend pattern, and has risen upwards with a 14 point rise and more

As noted in the Daily report…

Expectation that price will continue to rise upwards from the daily lows, but because the market is below the Weekly lows, then my view is that it will form resistance during the current 5-day cycle








Posted by