S&P 500 E-mini Futures 17th November 2011 Daily recap

Based on the 5-day range the trend bias is down 8.5to 14 points using the red filter as trend guides ;- Random support Thursday's lows @ 1221.50

Potential move towards the Weekly lows over the next 2-days

S&P Weekly and daily cycle

 As noted in yesterday’s recap, the expectation was that the trend would continue down towards the Weekly lows @ 1213 over the next 2-days.

Thursday’s filter provided an ideal set-up for a move down into Thursday’s lows @ 1221.50

Thursday's lows provided an 8.5 to 14 point rise…

But then, the down move into the Weekly lows @ 1213 completed on the same day, and price moved as low as the November 50% level, before buyers came back into the market to prop it above key support levels during the month of November.




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