S&P 500 E-mini 13th September 2011 daily recap

there are two possible patterns for Tuesday...

#1) remains within the blue channels, with the channel highs providing resistance. This is based on a 2-day reversal upwards using Friday's lows support helped by Monday reversing up from the daily lows

#2) sells down into the daily lows, with the first target the red filter.

S&P Weekly and daily cycles

Tuesday followed  part of each possible pattern...

with price reaching the first target @ 1193 (red filter)... but then reversing and moving back inside the  daily channel with an upward bias...

as part of a 2-day reversal towards the Weekly 50% level










Posted by