S&P 500 E-mini 28th December 2011 Daily recap

Resistance 1189-96 (Weekly levels)

If above 1173 @ 7pm Sydney time, trend bias is up towards the resistance levels (14 points)



S&P Weekly and Daily cycles

 Rise up from the Daily 50% level and blue channel highs…@ 1173

Market has retested the previous Weekly low breakout @ 1196, and reverse down 8.5 points.

The rest of this week is now based on the Weekly level @ 1189.

This could result in more weakness, as part of retesting last week's breakout @ 1196 and moving towards this week’s lows @ 1128

Or this week is part of a 3-day counter-trend move upwards, as part of a swing back towards the new monthly 50% levels in December.




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