S&P 500 E-mini futures 9th September 2011 Daily recap

Friday is part of a Weekly HOOK pattern towards the Daily highs using the 50% levels as support.

Those highs are seen as resistance, and look for next week to reverse back down.


S&P Weekly and Daily range.



My view was that Friday would continue to push upwards, as part of Tuesday’s Weekly HOOK pattern.

However, as we can see that didn’t play out, with the 4-hour close below support, sending the S&P back down into the daily lows.

Even though Friday’s ‘sell-off’ wasn’t factored in at the start of the day, the overall price action is still part of an expected move down towards the September lows.

Still, I would have preferred the market to have hit 1210 (Weekly and Daily highs), as this would have provided an ideal set-up for the next downward leg.

Weekly report out later







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