S&P500 E-mini futures 1st September 2011 daily recap

S&P looks like it wants to go higher, with the Wednesday closing above the Weekly highs and starting the new month above the September 50% levels.

It's simply based on those levels

S&P Weekly and Daily cycles


In a bull market or any other positive environment the S&P would have continued higher based on Wednesday's closing price using 1217 as support. (rise 8.5 to 14 points completed), but failure to continue upwards.

And as we know this isn't one of those times, and Thursday's price action reflects that, along with yesterday's  warning in the Australian market (failure to continue with the breakout)

As per Weekly report…..Once the next 5-days are over, then the week after next (Sept 5th) will let us know whether the trend continues down towards the September lows....



Or continues upwards using the September 50% level as the trend guide


And it's starting to look like it's going lower, if it begins trading below the Weekly level @ 1197.50











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