S&P 500 e-mini futures 5th September 2011 recap

Trend bias is down whilst it's below the Weekly 50% level @ 1170, as part of the September 50% level rejection pattern

Trend guide @ 1158….
S&P Weekly and daily range…



Once Monday closed below 1158, the trend bias was to follow the overall trend, with an expected break of Monday’s lows.

A breakout of Monday’s lows, should continue to follow the daily range in the short-term towards Tuesday’s lows.

A number of the lower weekly levels can act as random intra-day support levels (8.5 to 14 points)...

but the overall trend is towards the September lows





















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