S&P e-mini futures 31st October 2011 Daily recap.

Trend guide 1274.50


Below 1274.50 and expectation the market slips down into the 5-day 50% level (random support), as part of retesting of the Weekly levels @ 1250 over the next couple of days.

S&P Weekly and Daily range.

 Trend continued down from 1274.50 into the 50% level @ 1259.25, which provided an 8.5 point reversal, but then the market continued lower closing below the Weekly level @ 1250.

The important part of this reversal is not only the short-term weakness, but it’s also being sold down from the 4th quarterly 50% level @ 1274.50, which is a major influence during this quarter.

Current price action suggests more weakness towards the Weekly and new Monthly 50% levels in November.




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