S&P 500 E-mini Futures 7th September 2011 recap

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.

Confirmed by a close above 1179.

Once that happens the trend bias moves back towards higher highs by Friday...or on this occasion, back towards 1210 by Friday
S&P Weekly and Daily range.



As mentioned in yesterday’s recap, there was a potential HOOK pattern forming, and more buying during globex hours on Tuesday formed the first stage of a Weekly HOOK pattern


The 2nd stage of the HOOK pattern had to be validated with price trading above the channel highs @ 1179 on Wednesday….

And now price is heading back towards the Weekly level @ 1210, and could go as high as the Weekly highs @ 1229.50 by Friday















Posted by Frank Dilernia