S&P 500 E-mini futures 6th September 2011 recap

Monday's breakout of the 5-day range should continue down into Tuesday's lows...

However, there's random support around the Weekly levels...(1130)

S&P Weekly and Daily cycles



Tuesday’s pattern didn’t follow weakness into the Weekly level @ 1130.

Instead price has moved back towards the daily 50% level and stalled, without forming a HOOK pattern (as yet).

A HOOK pattern normally occurs on Tuesday, when the market continues down on Tuesday but then reverses and closes back above the Daily 50% level and Weekly 50% level.

Once that happens the trend bias moves back towards higher highs by Friday....

 or on this occasion, back towards 1210 by Friday











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